The Federal Government has finally heeded the demand of organised labour by reducing the pump price of premium motor spirit otherwise known as petrol from N168 per litre to N162.44 per litre.
However, the new price will become effective from December 14, 2020.
This is coming barely hours after the price of crude oil on Monday crossed $50 per barrel with fear that the government may increase the price of fuel to N180 per litre in December.
Minister of Labour and Employment, Chris Ngige, made the disclosure after meeting with labour leaders all through 9pm on Monday till early hours of Tuesday.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NPPC), had last month increased the ex-depot price of petrol from N147.67 per litre to N155.17 per litre.
According to the minister, the Federal Government has set up a new larger technical committee to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the lager 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.