Starting next week Monday, the pump price of Premium Motor Spirit (PMS), known as petrol, will be slashed by N5, Chris Ngige, Minister of Labour and Employment, told reporters Tuesday in Abuja.

Mr. Ngige who spoke at the end of a meeting with organised labour assured that new price of petrol template would come into effect from Monday next week.

NAN reported that the meeting was called due the increase of PMS from N160 per litre to N170 and the increase of electricity tariff.

“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.

Mr. Ngige 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.

Mr. Ngige also said that government and labour have agreed to wait until the next meeting on January 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.

Ayuba Wabba, President, Nigeria Labour Congress (NLC) said the meeting was fruitful.

NAN