“AFTER due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre,” President Goodluck Jonathan said this morning.
He disclosed this in his second address to the nation in two weeks on the deregulation of the downstream sector of the oil and gas industry.
The measure which led to the removal of the contentious fuel subsidy and engendered a rise of the pump price of premium motor spirit (PMS) or petrol from N65 to more than N140 precipitated, since last Monday, a disruption of economic activities nationwide following a strike and protests called by Labour and its civil society allies.
Various talks held at different levels in search of a solution were deadlocked as both sides apparently did not shift grounds and Labour decided to continue its action.
But yesterday evening before Jonathan unfolded the new N97 price, he held an emergency meeting with governors and some members of the Federal Executive Council (FEC)....Read More...
THE Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have called off the one-week old nation-wide strike embarked upon last Monday to protest the January 1 fuel subsidy removal announcement by the Federal Government, which raised the pump price of Premium Motor Spirit (popularly known as petrol) from N65 to N141 per litre.
The industrial action, which equally had the full participation of civil society organisations (CSOs), had grounded the economy, resulting in the nation losing hundreds of billion daily.
The development came on the heels of the announcement of a new pump price of N97 per litre for the product by President Gooodluck Jonathan in his second address to the nation in two weeks regarding government's plans to deregulate the downstream sector of the oil industry.
The President had held a marathon meeting with the governors and top officials from the executive and legislative arms of government from Sunday evening till the wee hours of Monday where the price was agreed on....Read More...