Connect with us

BUSINESS

FG Announces New Pump Price After Labour Talk To Cut Cost Of Petrol

Published

on

Pump price





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 around 9pm on Monday and ended at 1:30am on Tuesday.

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.

Ngige explained that the price reduction was not meant to suspend deregulation because it did not affect the price of crude oil but areas where the Nigerian National Petroleum Corporation, as the main importer, had agreed that it could cut costs like freight and demurrage.

Advertisement

He said the new price slash was a product of a joint committee of the NNPC and Labour representatives, which looked into ways of cutting costs.

On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25, 2020 to enable the special committee dealing with complaints to conclude its deliberations.

The President of the Nigeria Labour Congress, Ayuba Wabba, corroborated the position of the Minister, saying the agreement was reached by both sides.

Advertisement

This story contains information from PUNCH

COMMUNITY REPORT4 hours ago

Isoko South Chairman Describes Late Councillor As Humble, Loyal Man as His Remains Is Buried

COMMUNITY REPORT5 hours ago

AIG Meets Stakeholders, Ban Ijaw, Itsekiri, Urhobo Ethnic Groups In Warri From Referring to Each Other as Customary Tenants

FEATURED14 hours ago

Medical Doctor Docked for Alleged N39.1m Visa Fraud in Port Harcourt

FEATURED22 hours ago

APC Chieftain Slams Nwaoboshi Over Criticism of Delta North Party Chairmen’s Disbarment

FEATURED1 day ago

JUST IN: Court Rejects FG Moves to Remand Sen. Natasha in Prison Custody, Grants her N50m Bail

FEATURED1 day ago

Omo-Agege ‘Goes Spiritual’, Offers Loads of Prayers and Wishes to Gov Oborevwori on His 62nd Birthday

FEATURED1 day ago

You’re a Peculiar Leader who Conquered Odds – Sen. Nwoko Lauds Gov Oborevwori at 62

FEATURED2 days ago

You’re A True Leader and a Blessing to Delta – Elumelu Eulogies Gov. Oborevwori on 62nd Birthday

Akpeki
FEATURED2 days ago

APC Wields The Big Stick, Dissolves Chairmen’s Forum over Anti-party Activities in Delta

Gbaramatu-Ijaws
FEATURED2 days ago

Itsekiri Leader, Eyengho Raises Alarm, Says “My Life is Under Threat by Gbaramatu-Ijaws; My Phone Already Bugged”

Naira Notes
BUSINESS3 days ago

BREAKING: CBN Restricts Capital Distribution for Selected Banks to Ensure Stability Ahead of 2026 Recapitalisation Deadline

COMMUNITY REPORT3 days ago

Delta Council Boss Says Healthy Environment Priority of His Administration

FEATURED3 days ago

Delta Gov’s Wife Highlights Govt Support for Woman Who Gave Birth to Quintuplets, Debunks Viral Video of Neglect

FEATURED3 days ago

Gov Oborevwori’s Aide Narrates Ordeal: How Kwale Youths Turn Protest to Criminal Siege on Ughelli-Asaba Expressway, Attack Vehicles

FEATURED4 days ago

Delta North: We Planned for 2,000 but got over 5,000 – Ned Nwoko’s CoS Highlights Unprecedented Attendance at Constituency Meeting

Advertisement
Advertisement