The Nigerian government has slashed oil prices by five naira following pressure from the unions.
The Minister of Labor, Chris Ngige, made this known to reporters after a meeting with the NLC and TUC on Monday night at the Presidential Palace.
He said the price has been reduced from N168 to N162.44 per liter, which will take effect from December 14.
Oil is currently trading at N168 following a move by traders to increase prices from N147.67 to N155.17 in November. The increase follows the level at which the company managing its business is increasing the cost to investors.
Chris Ngige said a commission of inquiry had been set up to adjust oil prices, saying it would submit its report on January 25.
“Our discussions have been fruitful and NNPC, the largest oil company, has agreed that the price of oil will be reduced by N5 and the reduction will take effect from next Monday,” Ngige said.