Petrol Will Now be Sold at ₦162.44

The price of Premium Motor Spirit, widely known as petrol has been reduced by ₦5, by the Federal Government.

Chris Ngige, The Minister of Labour and Employment made the announcement after a meeting with the leadership of Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), which held at Old Banquet Hall, Presidential Villa. He said the “the reduction would be from ₦168 to ₦162.44 per litre with effect from December 14”.

Petrol is currently sold at ₦168 based on the decision to increase the ex-depot price (the price at which it is sold to marketers at the depots) of petrol from ₦147.67 per litre to ₦155.17 per litre in November, Petroleum Products Marketing Company.

According to Ngige, “a technical committee has been set up to ensure price stability in the industry, noting that the committee, which will report back to the larger house on January 25, will appraise the market forces and other things that would ensure stability in the industry” Daily Trust reports.

“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 ₦5 per litre and that the price cut will take effect from next Monday, a week today,” Ngige stated to journalists.

Photo Credit: Connor Forsyth – Pexel