The Federal Government and organised labour have settled for a reduction of N5 only for the pump price of petrol.
The information was made available today by the Minister of Labour and Employment, Senator Chris Ngige.
Leadership of both parties arrived at the decision following a meeting which lasted between 9:00pm and 1:30pm Monday/Tuesday this week.
Comrade Ayuba Wabba, President of the Nigeria Labour Congress, corroborated the information given by Dr Chris Ngige.
Petrol pump price currently goes for N168 following the decision of the Petroleum Products Marketing Company (PPMC) in November, to increase the ex-depot price from N147.67 per litre to N155.17 per litre.
Dr Ngige stated that the committee will report back to the larger house on the 25th of January after appraising market forces that would ensure stability in the industry.
Electricity tariff:
There is still no consensus on the reduction or reversal of electricity tariff as Labour Ministry says talks are still ongoing with the distribution companies.
Last night’s meeting is the 6th between the Federal Government andlabour unions since the former announced the hike in petrol pump price and electricity tariff.
Both the NLC and the TUC have threatened to embark on a nationwide strike if the hikes are not reversed.
The Federal Government, through the Ministry of Labour requested for a one-week grace period to make further consultations before it reconvenes with the unions.