The Federal Government has concluded to pay attention to the demand of organised labour by reducing the pump price of quality motor spirit in another words known as petrol from N168 per litre to N162.44 per litre
However, the new price will become effective from December 14, 2020.
This is coming barely hours after the price of crude oil on Monday crossed $50 per barrel with fear that the government may increase the price of fuel to N180 per litre in December.
The Minister of Labour and Employment, Chris Ngige, made the revealing after meeting with labour leaders all through 9pm on Monday till early hours of Tuesday.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NPPC), had last month increased the ex-depot price of petrol from N147.67 per litre to N155.17 per litre.
Chris said, that the Federal Government will set up a new larger technical committee to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the lager house on the 25 of January next year, will be appraising the market forces and every other thing that will make for stability in the industry.