Warning: getimagesize(): SSL operation failed with code 1. OpenSSL Error messages: error:1416F086:SSL routines:tls_process_server_certificate:certificate verify failed in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792

Warning: getimagesize(): Failed to enable crypto in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792

Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: operation failed in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792

Warning: getimagesize(): SSL operation failed with code 1. OpenSSL Error messages: error:1416F086:SSL routines:tls_process_server_certificate:certificate verify failed in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792

Warning: getimagesize(): Failed to enable crypto in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792

Warning: getimagesize(https://energytimesonline.com/wp-content/uploads/2020/09/logo_n.jpg): failed to open stream: operation failed in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Wednesday, June 23, 2021
Home Uncategorized FG to reduce petrol price by N5 from Monday

FG to reduce petrol price by N5 from Monday

- Advertisement -

The Federal Government has agreed to slash the pump price of Premium Motor Spirit (PMS), known as petrol, by N5 from Monday next week.

Sen. Chris Ngige, Minister of Labour and Employment, disclosed this while addressing newsmen at the end of a closed door meeting with the organised labour on Tuesday in Abuja.

The meeting was necessitated by the increase of PMS from N160 per litre to N170 and the increase of electricity tariff.

Ngige said that new price of petrol template would come into effect from Monday next week.

“Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum product and customers have agreed that there will be a slide down of the pump price of PMS.

“The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today,” he said.

He noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil.

He, however, said that the NNPC as the main importer has agreed that it would cut cost like freight cost and demurrage.

The minister noted that the new price slash was a product of a joint committee of NNPC and labour representatives who look into ways of cutting costs.

Ngige also said that government and labour have agreed to wait until the next meeting on Jan. 25, 2021 on the aspect of electricity tariffs.

He added that this is to enable the special committee dealing with complaints to conclude their deliberations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

NCDMB, NEXIM sign $30m capacity building fund

NCDMB, NEXIM sign $30m capacity building fund The Nigeria Content Development and  Monitoring Board (NCDMB) and the Nigeria Export Import Bank (NEXIM) have signed a...

Nigeria fuel consumption hits 102m litres daily as NNPC, EFCC partner to tackle smuggling, oil theft

The state-run Nigerian National Petroleum Corporation (NNPC) has urged all industry stakeholders to collaborate with the corporation to ensure that the daily national petroleum...

TotalEnergies targets $60bn renewable projects in 10 years

TotalEnergies said it would be investing about $60 billion in renewable projects over the next 10 years with 10 per cent of the spending...

Why FG must intervene in Lekoil crisis?

The leadership tussle in Lekoil Nigeria, an indigenous oil company, deepened last week when the Cayman Island-based Lekoil Limited announced that Lekan Akinyanmi’s employment...

Recent Comments