The federal government has issued a fresh order to reduce petrol pump price from N168 per litre to N162.44 per litre.
Chris Ngige, Minister of Labour and Employment, said the reduction would take effect from December 14, 2020.
The Minister of Labour and Employment made this known while speaking with reporters at the end of a meeting with labour leaders, which began at 9 pm on Monday and ended at 1:30 am on Tuesday.
Ngige said a technical committee had been organized in the larger house to ensure price stability in the oil industry.
Ngige also disclosed that the committee, which will report back to the larger house on January 25, 2021, will be appraising the market forces and everything that will make for stability in the industry.
Premium Motor’s Spirit [PMS] currently sells at N168, after it was increased by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.
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