The Federal Government has announced the reduction of the price of Premium Motor Spirit (PMS), popularly known as petrol from N168 to N163.

This was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, after meeting with organised labour. The government said the new price template will come into effect as from Monday next week.

Addressing journalists shortly after the meeting with labour leaders which lasted till midnight, Ngige said the meeting was fruitful.

He said: “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down, of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”

The President of the Nigeria Labour Congress, Mr Ayuba Wabba, also endorsed the position of the minister, saying that the agreement was reached by both sides.

Both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had called for a reversal of the recent hike, threatening to embark on a nationwide strike and protests.