FG meets labour, asks for one week to review new petrol price

- The current price of petrol may be reviewed downward following a meeting between the federal government and the organised labour

- NNPC boss, Kyari, requested for a week to engage in consultations with stakeholders before acceding to the demands of the labour leaders

- The organised labour is asking the FG to reverse the new price of petrol, saying it is against a previous agreement it had with the government

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The federal government has asked the organised labour for a week break to consult stakeholders for a possible reversal of the new petrol price.

The Nation reports that the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, made the request at the meeting with the leadership of the organised labour in Abuja on Thursday, November 26.

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Kyari explained that the NNPC couldn’t unilaterally announce a reversal of the new price without consultation.

It was, therefore, agreed by both the labour and the government team led by the Secretary to the Government of the Federation (SGF), Boss Mustapha that the meeting should be adjourned and should resume on Monday, December 7.

Labour had asked the government to reverse the recent fuel price increase, saying the increase negates the agreement reached in September.

Legit.ng notes that the petrol price has been increased about four times in 2020 after deregulation became effective.

It had risen from N121.50–N123.50 per litre in June and N140.80-N143.80 in July and N148-N150 in August. The product currently sells between N168 and N170per litre.

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Earlier, Legit.ng reported that the federal government explained why it stopped paying fuel subsidy, the development which led to the increase in fuel price as it is now determined by the market.

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The government said it lacks the money to continue to pay fuel subsidy due to the economic implications of the coronavirus pandemic.

The explanation was offered by the minister of state for petroleum resources, Timipre Sylva, on Thursday, September 3, in Abuja in a briefing to mark his one year in office.

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Source: Legit.ng