The federal government has recounted that it did not fix the new price of petrol in the country which took effect on Monday, December 14.
The minister of labour and employment, Chris Ngige explained that the new price came about from the commercials like demurrage, transhipment and storage, Vanguard reported.
He stated that the Nigerian government is no more involved in the business of regulating petrol pricing. Ngige was reported to have made the statement at the presidential villa after he inaugurated the bipartite plus technical committee on Premium Motor Spirit (PMS) pricing framework.
The minister said: “Make no mistake about it. Government has taken the backseat. Government did not fix the price that took off from today. It was a price reduction gotten from the commercials like demurrage, transshipment and storage. This Committee is expected to do more to enthrone transparency in the area.”
He stated that the need to bring relief to the Nigerian people and consumers prompted the price reduction price from N168,000 per litre to N162.44k per litre.
