Nigerians to buy petrol N162 per litre from next Monday

The Nigerian National Petroleum Corporation (NNPC) had agreed to slash N5 from N167.44 per litre during the negotiations with labour that ended early Monday morning.

The Minister of Labour and Employment, Dr Chris Ngige, who spoke after the negotiations, stated that the reduction would bring down the pump price of Premium Motor Spirit (PMS) to N162.44K.

Ngige further stated that the new price regime would take off from next Monday, 14 December.

“The meeting ended very fruitfully. We have agreed that there would be a slide down on the present price of pump price of petrol (PMS) and that the price slide would get us a cut of about N5 per litre and that this will take effect from next Monday, a week from today,” Ngige said.

He disclosed that the cut in price did not represent discontinuation of deregulation in the industry, as it was not a cut on the price of crude oil but only a cut on areas that the NNPC and other importers had agreed they could cut cost like demurrage, freighting and other commercial areas of the pricing.

The minister said that the meeting also agreed to set up a committee for the purpose of monitoring the industry and ensuring price stability.

He stated that the committee would be “appraising the market forces and every other thing that would make for stability in the industry, as well as liaising with all the marketers to make sure that the cap is always maintained.”

Membership of the Committee would be drawn from NNPC, Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund, Ministry of Labour and Employment, Ministry of Finance, Budget and National Planning, the Labour Unions comprising Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

The Committee would report back to the Meeting on 25 January 2021.

He disclosed that the cut in price did not represent discontinuation of deregulation in the industry, as it was not a cut on the price of crude oil but only a cut on areas that the NNPC and other importers had agreed they could cut cost like demurrage, freighting and other commercial areas of the pricing.

The minister said that the meeting also agreed to set up a committee for the purpose of monitoring the industry and ensuring price stability.

He stated that the committee would be “appraising the market forces and every other thing that would make for stability in the industry, as well as liaising with all the marketers to make sure that the cap is always maintained.”

Membership of the Committee would be drawn from NNPC, Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund, Ministry of Labour and Employment, Ministry of Finance, Budget and National Planning, the Labour Unions comprising Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

The Committee would report back to the Meeting on 25 January 2021.

 

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