After negotiations with the organised labour on Tuesday in Abuja, the Federal Government has conceded to get the pump price of Premium Motor Spirit (PMS) popularly called petrol, to go down by N5 per litre..
Labour and the government have been on the negotiation table after an increase an increase of PMS from N160 per litre to N170 and the increase in electricity tariff.
Said Labour Minister, Senator Chris Ngige, after a meeting on Monday night with Labour leaders, led by Ayuba Wabba, “our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product and customers have agreed that there will be a slide down of the pump price of PMS.
“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.
The price reduction is not meant to suspend deregulation as it did not affect the price of crude oil, Ngige added.
The issue of electricity tariffs, the minister disclosed will form the crux of discussions resume on January 25, 2021.