Dec. 14: FG to reduce fuel price by N5

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THE Federal Government has announced the reduction of petrol price by N5 per litre. This is to take effect from next week Monday.

This was revealed by the Minister of Labour and Employment, Senator Chris Ngige on Monday after a meeting between the federal government and organized labour at the presidential Villa, Abuja.

This decision was reached due to the conditions given by the organized labour that the fuel price be reverted else there would be no meaningful discussion with the federal government negotiation team.

Briefing journalists, Dr. Ngige said “This cut will take effect from next week Monday. This cut maintains the deregulation in the industry because it is not a cut on the price of petrol but a cut on the areas where the importers and the main importer, the NNPC have agreed that they can cut cost. Areas like demurrage, large freighting and other commercial areas of the pricing.

“We put in experts to do this for us and because we don’t want this hullabaloo all the time, we set up a committee that has members of labour and NNPC, PPRA, Petroleum Equalization Fund (PEF), Ministry of Labour, Ministry of Finance, the unions, PENGASSEN, NUPENG, NLC, TUC to stand in, and this time, reappraising the market forces and every other thing that will make for stability in the industry.”