Buhari's government to reduce petrol price by N5- Very soon, Nigerians will wake up to another price for petrol - This is as the federal government says there will be a decrease in the price by N5 - Recall that in November, the pump price of fuel was increased from N159 to N170 per litre PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! In what will come as a huge relief for many Nigerians, the administration of President Muhammadu Buhari says it will be slashing the price of petrol. According to the federal government, from Monday, December 14, the price will reduce by N5. This was revealed by Senator Chris Ngige, minister of labour and employment, the News Agency of Nigeria (NAN) reports. The news agency says the increase in petrol price from N160 per litre to N170 and the increase in electricity tariff necessitated this review. Read also FG rolls out condition for car owners to convert vehicles to autogas He said: Ngige noted that the price reduction was not meant to suspend deregulation as it did not affect the price of crude oil. He, however, said that the NNPC as the main importer has agreed that it would cut cost like freight and demurrage. Legit.ng reported earlier that the FG asked the organised labour for a week break to consult stakeholders for a possible reversal of the new petrol price which went from N159 to N170 per litre. The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, made the request at the meeting with the leadership of the organised labour in Abuja on Thursday, November 26. Kyari explained that the NNPC couldn’t unilaterally announce a reversal of the new price without consultation. Read also This is my solution to the problem of constant fuel price hike - President Buhari unveils new programme Meanwhile, Legit.ng had reported President Muhammadu Buhari commended Nigerians and the organised labour for the patience they have shown the administration amid the current economic challenges. The president also encouraged Nigerians to adopt gas as an alternative to petrol. A presidential aide, Femi Adesina disclosed in a statement that Buhari made the comment on Tuesday, December 1, at a virtual event to unveil the National Gas Expansion Programme and National Autogas Roll-out Initiative. PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app Nigeria at 60: A history of fuel price increase since Independence | Legit TV Source: Legit.ng - Very soon, Nigerians will wake up to another price for petrol - This is as the federal government says there will be a decrease in the price by N5 - Recall that in November, the pump price of fuel was increased from N159 to N170 per litre PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Legit.ng Legit.ng PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app “The price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week from today."