The Federal Government on Tuesday December 8, declared a decrease in the siphon cost of petroleum from N168 to N162.44 per liter.
Minister of Labor and Employment, Dr Chris Ngige who made the declaration toward the finish of a gathering with work pioneers, said the new siphon cost will be in place from December 14.
A specialized advisory group has been set up to guarantee value steadiness in the business, and it is normal that will report back to the bigger house on January 25. The specialized board were additionally given an assignment of assessing the market influences and different things that would guarantee soundness in the business.
The Minister anyway demanded that the value decrease was not intended to suspend deregulation, since it didn't influence the cost of unrefined petroleum yet on territories where the NNPC as the primary merchant had concurred that it could reduce expenses like freight and demurrage cost.
Ngige said;
“Our discussion was fruitful and the Nigerian National Petroleum Corporation which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”
A report on agreement reached on electricity tariff will likewise be given on January 25.
