The Federal Government has announced a reduction in the pump price of premium motor spirit, also known as petrol, from N168 to N162.44 per litre with effect from December 14.
The Minister of Labour and Employment, Dr Chris Ngige, disclosed this at the end of a meeting with labour leaders, which began around 9pm on Monday and ended at 1:30am on Tuesday.
The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.
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Ngige explained that the price reduction was not meant to suspend deregulation because it did not affect the price of crude oil but areas where the Nigerian National Petroleum Corporation, as the main importer, had agreed that it could cut costs like freight and demurrage.
He said the new price slash was a product of a joint committee of the NNPC and Labour representatives, which looked into ways of cutting costs.
On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25, 2020 to enable the special committee dealing with complaints to conclude its deliberations.
The President of the Nigeria Labour Congress, Ayuba Wabba, corroborated the position of the Minister, saying the agreement was reached by both sides.