5.8 C
New York
December 2, 2022
Worship Media
Blog

FG reduces fuel price to N162.44 per litre

FG reduces fuel price to N162.44 per litre lindaikejisblog

The Federal Government on Tuesday December 8, announced a reduction in the pump price of petrol from N168 to N162.44 per litre. 

Minister of Labour and Employment, Dr Chris Ngige who made the announcement at the end of a meeting with labour leaders, said the new pump price will be effective from December 14.

A technical committee has been set up to ensure price stability in the industry, and it is expected that will report back to the larger house on January 25.  The technical committee were also given a task of appraising the market forces and other things that would ensure stability in the industry.

The Minister however insisted that the price reduction was 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 had agreed that it could cut costs like freight and demurrage costs.

Ngige said; 

“Our discussion was fruitful and the Nigerian National Petroleum Corporation 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.”

An update on agreement reached on electricity tariff will also be given on January 25. 

Click Here to Visit Orignal Source of Article http://www.lindaikejisblog.com/2020/12/fg-reduces-fuel-price-to-n16244-per-litre.html

Related posts

Brazilian president Jair Bolsonaro announces he’s tested positive for Coronavirus but says he feels ‘perfectly well’ and has only mild symptoms

LindaikejisBlog

Police officer called to arrest a family suspected of shoplifting, instead buys them some food so they could have Christmas dinner

LindaikejisBlog

Suspected armed robbers apprehended in Oyo (photo)

LindaikejisBlog

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy