FG Agrees to Slash Fuel Price

FG Agrees to Slash Fuel Price.

The aftermath from the resumption of talks between the Federal Government (FG) and the leadership of the Organized Labor over the recent hike in the price of fuel and electricity tariff, the FG has agreed to slash fuel price to N162.

It will be recalled that the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, in November, increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per liter from N147.67 per liter.

The implication of which, allows Marketers sell between N168 – N170 per liter.

Following heavy backlash, the FG slashed N2 from the depot price of N155.17 per liter, a move that still didn’t sit well with the leadership of the Organized Labor who threatened mass action, if the price was not reverted.

The meeting between the Federal Government and Organized Labor has just ended in Abuja.

The five-hour long meeting agreed that the price of petrol be reduced by N5 while labor also got a commitment from the government that the distribution of free prepaid meter will begin soon across the country.

Organized labor had two weeks walked out of the meeting with the Federal Government on the ground of a new increment in the price of fuel when negotiations were still on course.

The Festus Keyamo-led Committee is to continue its assignment and ensure conclusion in record time.