The federal government has reduced petrol price, otherwise known as premium motor spirit (PMS) from N168 per litre to N162.44 per litre effective from December 14, 2020.
Chris Ngige, Minister of Labour and Employment, told reporters at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am on Tuesday.
The product presently sells at N168, following the decision of the Petroleum Products Marketing Company (PPMC), a subsidiary of the federal government – owned Nigerian National Petroleum Corporation (NNPC) 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 would report back to the lager house on the 25 of January next year, would be appraising the market forces and every other thing that will make for stability in the industry.