The Federal Government has announced the reduction of the Premium Motor Spirit (PMS), popularly known as petrol from N168 to N163.
This was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, after meeting with the organised labour which began around 9 pm on Monday and ended at 1:30 am on Tuesday.
According to the Minister, a technical committee has been set up to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the larger house on January 25, will appraise the market forces and other things that would ensure stability in the industry.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, also maintained the position of the minister, saying that the agreement was reached by both sides.
The product presently dispenses 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.
Meanwhile, there is no conclusion yet on the demand for a reversal of the electricity tariff and the Federal Government said talks were ongoing with the distribution companies.
For the sixth time since the current administration announced a hike in the pump price of petrol and electricity tariff in November, members of the organized labour movement and the Federal Government’s team have been holding series of talks, to continue the discussions on the demand of the workers union.
Both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had called for a reversal of the recent hike, threatening to embark on a nationwide strike and protests, the reason why the government had to convene a meeting a month ago.
At the last meeting, the Federal Government explained that it needed one week to make further consultations.