The Federal Government have bow to pressure by the Nigeria Labour Congress as it reduces the price of fuel to N162.44 per litre.
Previously the price of fuel increased to N173 per litre as the government increased the depot price from N147.67 to N155.17 per litre.
The new fuel price template will be effective as from next week 14th December 2020.
When the government initially increased the price of fuel in November, Nigerians lamented the effect it will have on transport services and were wondering how they will cope with the new changes made.
This issue made the leaders of the Nigeria Labour Congress to start meeting with federal government delegation to see how the price of fuel would be reduced.
But after weeks of negotiation, during their last meeting that was held on the 7th of December 2020, the Minister of Labour and Employment, Dr. Chris Ngige, stated that the NNPC who happens to be a major importer of petroleum products together with the oil marketers agreed to drop the price by N5.
Dr. Chris Ngige further stated that the reduction agreement was done in collaboration between the joint committee of NNPC and labour leaders.
He said that the price reduction does not mean that the government has suspended deregulation as it did not affect the price of crude oil. He added that the NNPC who happens to be the main importer of petroleum products have agreed to reduce the price of freight and demurrage.
On the issue of electricity tariff, both sides agreed to wait until the next meeting date which will be January 25, 2021 to enable the committee to tend to all complaints filed.
The President of the Nigeria Labour Congress, Comrade Ayuba Wabba, said so far they are happy with the agreement reached with the government.