The President Muhammadu Buhari Federal Government, has reduced the pump price of Premium Motor Spirit, PMS, popularly known as petrol, from N168 per litre to N162.44 per litre, effective from December 14, .
The Minister of Labour and Employment, Chris Ngige, told Reporters at the end of a meeting with the Labour Leaders, which began at 9pm, on Monday, and ended at 1:30am, on Tuesday.
The product presently sells at N168, following the decision of the Pipelines and Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, to increase the ex-depot price of petrol from N147.67 per litre, to N155.17 per litre, in November.
The ex-depot price is the price at which the product is sold by the PPMC to Marketers at the Depots.
The Minister said that a Technical Committee has been set up by the larger house to ensure price stability in the industry.
Ngige stated that the Committee, which will report back to the lager house on January 25, 2021, will be appraising the market forces, and every other thing that will make for stability in the industry.