The Federal Government has inaugurated the ‘Bipartite Plus Committee’ on technical framework on the pricing of Premium Motor Spirit popularly known as petrol.
This is happening as the new price regime for PMS announced last week by the government, officially took off on Monday.
The inauguration was sequel to the outcome of a series of bipartite meetings between the Federal Government and the Organized Labour represented by the Nigeria Labour Congress and the Trade Unions Congress to fashion out a framework to monitor and stabilise the petrol pump price.
The parley had agreed on December 8 to reduce the fuel pump price by N5 from N168 to N162.44 per litre with effect from December 14.
But inaugurating the committee on Monday, the Minister of Labour and Employment, Chris Ngige, said the government has not fixed the price of petrol, stressing that “it was a price reduction gotten from the commercials like demurrage, trans-shipment and living storage”.
He said further that the committee would be expected to do more to “entrench transparency in that area.”