•Pump price now N162.44
By Onyebuchi Ezigbo
Federal Government has caved in to demand by the organised labour by slashing the pump price of premium motor spirit by N5.
By this reduction, the new price of a litre of petrol will now be N162.44.
The government said the new price template will come into effect as from Monday next week.
Addressing journalists shortly after the meeting with labour leaders that lasted till midnight, Minister of Labour and Employment, Senator Chris Ngige, said the meeting was fruitful.
He said: “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down, of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”
Ngige, however, said the price reduction is not meant to suspend deregulation because it did not affect the price of crude oil but on areas where the NNPC as the main importer has agreed that it cut cost like frieght cost and demurrage.
He said that the new price slash was a product of a joint committee of NNPC and labour representatives who looked into ways of cutting costs.
On the aspect of electricity tariff, both sides agreed to wait till next meeting date of January 25 to enable the special committee dealing with complaints to conclude their deliberations.
President of the Nigeria Labour Congress (NLC), Mr. Ayuba Wabba, collaborated the position of the minister, saying what he said was the agreement reached by both sides.