Oil price: FG takes a week break from talks, to consult with stakeholders

The Federal Government on Thursday requested for a week break from negotiations with organised labour to enable it consult on the new petrol price increase.

Group Manging Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, made the request at the meeting with the leadership of organised labour at the Banquet Hall of the Presidential Villa, Abuja.

Kyari noted that he lacks the authority to unilaterally announce a reversal of the new price without consultation.

It was agreed by both the labour and government team led by the Secretary to the Government of the Federation, SGF, Boss Mustapha, that the meeting should be adjourned and should resume on December 7.

Labour has asked the government to reverse the recent fuel price increase, saying the increase negates the agreement reached in September.

Petrol price has increased by about four times in 2020. It had risen from N121.50-N123.50 per litre in June and N140.80-N143.80 in July and N148-N150 in August.

The product currently sells between N165 and N168 per litre after the Petroleum Products Marketing Company, a subsidiary of the Federal Government-owned NNPC, increased the ex-depot price of petrol from N147.67 per litre to N155.17 per litre for this month.

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