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FG Announces Reduction In Fuel Price To N162.44 Per Litre


The Federal Government has announced a reduction in the pump price of premium motor spirit, otherwise known as petrol, from N168 to N162.44 per litre with effect from December 14.

The Minister of Labour and Employment, Dr Chris Ngige, disclosed this at the end of a meeting with labour leaders which began on Monday. The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
 
He 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.”


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