FG may reverse pump price to N160 per litre as NLC mounts more pressure

FG may reverse pump price to N160 per litre as NLC mounts more pressure

- The pump price of Premium Motor Spirit (PMS) may be back to N160 per litre soon

- Negotiations between labour leaders and the federal government seems to be tilting towards the demands of the unions

- The next meeting between both parties is expected to agree on the new price

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A report by The Guardian indicates that the pressure by organised labour on the federal government to reverse the pump price of Premium Motor Spirit (PMS) back to N160 per litre seems to be paying off.

According to the report, resumed negotiations between labour leaders and the authorities suggests the price will be resumed downwards soon.

Government officials also reportedly indicated a willingness to consult widely with the view of agreeing with the position of labour and proposed a new price announcement for a meeting slated for Monday, December 7.

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The government said the period between now and then would allow it embark on a wide range consultation over labour’s request.

FG may reverse pump price to N160 per litre as NLC mounts more pressure
President Buhari's administration had been criticised for the latest fuel price increase. Photo credit: @MBuhari
Source: Twitter

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Recall that labour has stuck to its initial demands that the pump price must be reviewed downward to N160 before negotiations can proceed.

Some Nigerians have been reacting to the announcement a review of the petrol price.

Ovie Egbevurie wrote on Twitter:

“The word review is relative, it has plethora meaning, however, I pray on this context, it means downward.”

Ogbuehi Izuchukwu Onwuka wrote:

“Another exercise that would end in futility.”

Korede Shotayo wrote:

“What has the previous meetings benefitted Nigerians? The answer is nothing. They are fooling Nigerians.”

Murtala Usman wrote:

“Waste of time.”

Legit.ng had earlier reported that Timipre Sylva, minister of state for petroleum, in a statement he personally signed, explained that the federal government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of naira every year.

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According to him, the decision was taken after a thorough examination of the economics of subsidising PMS for domestic consumption.

He also stated that the subsidy was benefiting the rich rather than poor and ordinary Nigerians, adding that to alleviate the impact, the ministry will roll out an auto-gas scheme, which will provide Nigerians with alternative sources of fuel and at a lower cost.

Meanwhile, the federal government has continued with the implementation of the Economic Sustainability Plan to help cushion the effects of its recent policies.

The payment of N30,000 one-time grant to 330,000 artisans across the country kicked off recently as one the ways to help those in the lower rung of the society.

Legit.ng gathered that the payments are being made to sets of verified beneficiaries of the Artisan Support Scheme, a track under the MSMEs Survival Fund.

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Source: Legit.ng

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