The Nigerian government has said it would cut the price of petrol by N5, which will take the price to N162.44 per litre.
The government said this new price will take effect from Monday, 14 December 2020.
Chris Ngige, Minister of Labour and Employment, announced this at the end of a meeting between the government and the representatives of labour unions, which lasted into early hours midnight.
“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,”
The minister explained that the price reduction would not lead to the suspension of deregulation of the downstream sector of the oil industry. He said this was because it did not affect the price of crude oil but on areas where the Nigerian National Petroleum Corporation (NNPC as the main importer has agreed that it cut costs such freight cost and demurrage.
Nigeria’s workers have been pushing for a reduction in the price of petrol following a recent hike by the government.
