BUSINESS
FG Announces New Pump Price After Labour Talk To Cut Cost Of Petrol
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.
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.
This story contains information from PUNCH
INEC Fixes June 16-25 for Party Primaries in Restored State Constituencies in Delta, Others
FG To Receives First Batch of 268 Nigerians Evacuated from South Africa Over Xenophobic Attacks
NCAA Grounds Aircraft After Unauthorized Takeoff Following Emergency Landing in Delta
Woman Steals Two Babies to Cover Loss of Twins Before Church Dedication in Delta
Panic in Edo as Okpebholo Closes Schools Following Leaked SSS Memo Warning of Planned Abduction of Children
Delta’s PETOOP Hails the Emergence of Obi, Iyovwaye as NDC’s Presidential and Governorship Candidates
I am in Govt to Serve, Not to Enrich Myself – Oborevwori Tells Catholic Priests
It’s Fake AI Video, Says DHQ on CDS Manipulated Footage Circulating on Social Media
Tinubu Congratulates Narendra Modi as India’s longest-serving Elected Prime Minister
EFCC Arraigns Blessing CEO Over ‘Fake Cancer Scandal’, Alleged N69.1m Fraud
Delta Oil Siege: Tompolo Breaks Silence on Warri Delineation Crisis, Calls for Calm, Asks INEC to Do the Right Thing
Oborevwori, Senator Joel-Onowakpo Mourn Warri-Itakpe Train Accident Victims as 35 Hospitalised in Delta
UPDATED: Nigeria’s Security Has Failed, Says Kwankwaso
NDC Denies Releasing Kano Primary Results, Moves to Resolve Rift With Kwankwasiyya
