FG Reduces Fuel Price, Sets Up Committee To Ensure Price Stability

The Minister of Labour and Employment Chris Ngige has announced the Federal Government's decision to reduce the pump price of fuel from N168 to N162.44 per litre.

Making this announcement at the end of the meeting with Nigeria Labour Unions, Ngige revealed that the price reduction will take effect from the 14th of December.

READ ALSO: Fuel Price Hike: Strike Looms As Labour Union Walks Out From Meeting With FG

Ngige also revealed that a committee had been set up to ensure stability in the industry.

The meeting which started around 9 pm on Monday and ended at 1:30 am on Tuesday.

Currently sold 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, the new price indicates a reduction of about N6.

The minister further revealed that the committee will turn in its report on January 25.

The committee will among other things examine the market force and other factors that will ensure stability in the industry.

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