Fuel Price Reduced by FG

The fuel price has been reduced by N5 by the FG of Nigeria, however, the reduction in the fule price is to take effect on the 14th of December 2020.

This implementation of the reduction in fuel price will enable gas stations across the Nation to sell fuel at an N5 reduction price.

 Chris Ngige, who is the Minister of Labour and Employment, made this known to the public after the long five-hour meeting which started from 9 pm on Monday and ended by 1:30 am on Tuesday.

During the meeting, it was also agreed that they will be distributing free prepaid meters across the country.

Read also: N8.9tr budget: Lawmakers plan N23.7b severance pay

Fuel Price Reduced by FG by N5

Initially, the price of fuel ranges between N168 to N170 per liter depending on the gas station has now been ordered to reduce the fuel price by N5.

The Buhari-drove government has over and again reported that it has completely liberated the oil downstream area, which implies that the cost of the item at the siphons will be controlled by market influences and the worldwide market.

In any case, examiners are asking why the government keeps on fixing siphon costs in a liberated area.

President Muhammadu Buhari has repeated that his organization can at this point don’t bear to pay for petroleum endowments since government incomes have plunged by in excess of 60%, pass to the novel Covid pandemic.

In his word,

“There is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We simply cannot sustain petroleum subsidy,” the president said in September.