FG bows to labour, reduces petrol price by N5

The Federal Government has reduced the pump price of premium motor spirit otherwise known as petrol from N168 per litre to N162.44 per litre.

According to reports, the new petrol price would take effect from December 14, 2020.

The new price was made known to newsmen by the Minister of Labour and Employment, Chris Ngige at the end of a meeting with labour leaders early on Tuesday morning.

Ngige stated a technical committee has been set up by the larger house to ensure price stability in the industry.

The Minister expressed that the committee will report back to the larger house on the 25 of January 2021.

He explained that the committee will be appraising the market forces and every other thing that will make for stability in the industry.