Breaking: FG slashes price of petrol to N162.44 per litre

By Emmanuel Awosika

The Federal Government has announced a reduction in price of Premium Motor Spirit (PMS) aka petrol N168 per litre to N162.44 per litre.

The new price will come into effect on December 14, 2020

Minister of Labour, Chris Ngige, made the announcement while addressing reporters in the aftermath of an FG meeting with labour leaders which lasted from 9.30pm into the wee hours of Tuesday.

Petrol currently sells for N168 per litre after the Nigeria National Petroleum Corporation, through the Petroleum Products Marketing Company, raised the ex-depot price of petrol to N155.17 per litre from N147.67 per litre in November.

The larger house has set up a committee to look into maintaining stability in petrol prices, the Minister disclosed.

He said the committee, which will report its findings to the larger house in January 25, will review market forces and other factors affecting price stability of petrol.