The Federal Government (FG) has announced a reduction in the pump price of petrol, from N168 to N162.44 per litre that will take effect from December 14, 2020.
The Minister of Labour and Employment, Dr Chris Ngige, disclosed this at the end of a meeting with labour leaders on Monday. He said a technical committee has been set up by the larger house to ensure price stability in the oil 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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