The Nigerian Government has announced a slash of about N6 per litre on the price of Premium Motor Spirit (PMS) otherwise known as petrol.
The announcement for the price reduction came from an unusual quarter – the country’s Minister of Labour and Employment, Dr. Chris Ngige.
The government, Ngige reportedly said earlier Tuesday, reduced the pump price of petrol from N168.44 per litre to N162.44 per litre effective from December 14, 2020.
Fielding questions from reporters at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am on Tuesday, the minister who was emphatic about the reduction, did not, however quote any data from the Petroleum Products Pricing Regulatory Agency (PPPRA), an agency under the ministry of Petroleum Resources saddled with the statutory power to announce price adjustments.
The product presently sells at N168, following the decision of the Petroleum Products Marketing Company, a subsidiary of the Federal Government – owned Nigerian National Petroleum Corporation to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
The minister said a technical committee has been set up by the larger house to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the larger 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.