The federal government of Nigeria has declared the reduction of fuel price from N168 per litre to N162.44 per litre with effect from 14 December, 2020.
The Minister of Labour and Employment, Dr. Chris Ngige said this while speaking with journalists at the end of a meeting with labour leaders. The meeting lasted from 9pm on Monday and ended at 1:30 am on Tuesday.
He said a technical committee has been set up by the larger house to ensure price stability in the oil industry.
The minister of labour and employment said that the committee, which will report back to the lager house on the 25 of January next year, will be appraising the market forces and every other thing that will contribute for stability in the oil industry.