The Federal Government has announced a reduction in the retail pump price of premium motor spirit, also known as petrol, from N168 to N162.44 per litre.
The new pump price will take effect from December 14.
Announcing this at the end of a meeting with labour leaders in Abuja on Monday, the Minister of Labour and Employment, Dr Chris Ngige, said a technical committee has been set up to ensure price stability in the industry.
He state further 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.
Petrol currently sells at N168, due to the increase of the ex-depot price of the product from N147.67/litre to N155.17/litre by the Petroleum Products Marketing Company in November.
The Petroleum Products Pricing Regulatory Agency (PPPRA) had in September, this year announced that it would no longer partake in the fixing of the pump price of petrol, disclosing that the interplay of market forces and not the organisation would determine the cost of the product.
The PPPRA boss argued that the company would restrict itself to ensuring that operators in the downstream play fairly and consumers of petrol in the country are not short-changed.