News

FG Agrees To Slash Fuel Price By ₦5

Published

3 years ago

December 8, 2020

Following the resumption of talks between the Federal Government (FG) and the leadership of the Organised Labour over the recent hike in the price of fuel and electricity tariff, the FG has agreed to slash fuel price by N5.

It will be recalled that the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, in November, increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre..

The implication of which, allows Marketers sell between N168 – N170 per litre.

Following heavy backlash, the FG slashed N2 from the depot price of N155.17 per litre, a move that still didn’t sit well with the leadership of the Organised Labour who threatened mass action, if the price was not reverted.

The meeting between the Federal Government and Organised Labour has just ended in Abuja.

The five-hour long meeting agreed that the price of petrol be reduced by N5 while labour also got a commitment from the government that the distribution of free prepaid metre will begin soon across the country.

Organised labour had two weeks walked out of the meeting with the Federal Government on the ground of a new increment in the price of fuel when negotiations were still on course.

The Festus Keyamo-led Committee is to continue its assignment and ensure conclusion in record time.