FG reduces petrol price by N5 per litre
The Federal Government has announced the reduction of petrol price by N5 per litre.
But the reduction will take effect from next week Monday
Recall that the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, had told the government negotiation team led by the Secretary to the Government of the Federation, SGF, Boss Mustapha, that until the fuel price was taken back to the initial price, there would be no meaningful discussion.
At the Monday night social dialogue between the Federal Government and the organised labour, at the Old Banquet Hall of the Presidential Villa in Abuja, the Minister of Labour and Employment, Senator Chris Ngige said that an agreement was reached for a slight-down of fuel price.
However, the reduction did not interfere with the deregulation of the petroleum sector.
Senator Ngige, who briefed journalists after the meeting, said the price slide down would lead to a cut of about N5 per litre of petrol.
According to him, “This cut will take effect from next week Monday. This cut maintains the deregulation in the industry because it is not a cut on the price of petrol but a cut on the areas where the importers and the main importer, the NNPC have agreed that they can cut cost. Areas like demurrage, large freighting and other commercial areas of the pricing.
He said the maintenance in cap would make some marketers to sell below the price of N162.44k, adding that the fuel price committee would report back to the main committee on January 2021.
On the proposed electricity tariff adjustment, Ngige said the electricity committee was still at work.
He, however, assured that the electricity committee would continue after yuletide and report back again on January 25, 2021.
Also speaking on the issue of palliatives, the Minister said, “The palliatives have been rolled out and all hands are on deck to see that the workers start getting the effects as quickly as possible.”
He announced plans by the Federal Government to engage many urban workers and give them stipends every month for the next twelve months as part of the conditional cash transfer.
