Breaking: FG Slashes Price Of Petrol By N5

In what will come as a huge relief for many Nigerians, the administration of President Muhammadu Buhari says it will be slashing the price of petrol.

According to the federal government, from Monday, December 14, the price will reduce by N5.

This was revealed by Senator Chris Ngige, minister of labour and employment, the News Agency of Nigeria (NAN) reports.

The news agency says the increase in petrol price from N160 per litre to N170 and the increase in electricity tariff necessitated this review.

He said:

“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.” 

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 and demurrage.