Even though it is not much of a difference, the Federal government of Nigeria has recently declared that the pump price of petrol fuel in Nigeria will drop to ₦162 per litre starting December 14. Sources claim that the new price will be a “meagre” ₦5 drop from the current price of ₦167 - ₦170 per litre. Press reports also state that the new update about petrol price drop has been confirmed by Dr Chris Ngige, the Minister of Labour & Employment.
FG says the pump price of petrol fuel will be dropped to ₦162 per litre starting from Monday (December 14)
According to Dr Chris Ngige, stakeholders in the Nigerian oil and gas sector held a very important meeting recently where they collectively agreed to a ₦5 cut from the current price of petrol fuel. The minister further revealed that the new “cut” in price does not represent an invalidation of the industry’s deregulation because it does not affect the actual price of crude oil itself. He also took time to explain that the ₦5 drop in petrol price was only made possible after various oil importers and NNPC agreed to cut down on added costs like freighting, demurrage and etc.
When speaking about the volatility of the crude oil market, Dr Chris Ngige promises that a new committee will be solely set up to monitor the industry and to ensure petrol price stability for Nigerians. He also disclosed that the new committee will comprise of representatives of the TUC, NLC, NUPENG, PENGASSAN, PPPRA, Ministry of Finance, and a host of others.
It is also worth mentioning that despite the recent fluctuations in the price of petrol fuel in Nigeria, the Federal government’s Autogas alternative is still not yet as affordable as it is being publicized.
Below is a recent press video that discusses the current challenges which are stopping Nigerian motorists from adopting the Autogas alternative.
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