The Nigerian government has ordered the reduction of petrol price from N168 per litre to N162.44 per litre.
Chris Ngige, Minister of Labour and Employment said the reduction would take effect from December 14, 2020.
He said a technical committee has been set up by the larger house to ensure price stability in the oil industry.
The minister disclosed 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.
Premium Motor’s Spirit [PMS] currently sells at N168, after it was increased by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, NNPC