The Federal government of Nigeria via its Minister of Labor Dr. Chris Ngige announced late last night that the price of premium motor spirit, otherwise known as petrol, has been revised from N168 to N162.44 per litre with effect from December 14.
Marketing Company to increase the ex-depot price of petrol from N147.67 per litre
to N155.17 per litre in November.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
The minister said a technical committee has been set up to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the larger house on January 25,
will appraise the market forces and other things that would ensure stability in the industry.