Federal Government Reduces Fuel Price To N162.44 Per Litre
The Federal Government on Tuesday December 8, announced a reduction in the pump price of petrol from N168 to N162.44 per litre.
Minister of Labour and Employment, Dr Chris Ngige who made the announcement at the end of a meeting with labour leaders, said the new pump price will be effective from December 14.
The Minister however insisted that the price reduction was not meant to suspend deregulation, because it did not affect the price of crude oil but on areas where the NNPC as the main importer had agreed that it could cut costs like freight and demurrage costs.
An update on agreement reached on electricity tariff will also be given on January 25.