Ngige explained that the price reduction was not meant to suspend deregulation because it did not affect the price of crude oil but on areas where the NNPC as the main importer had agreed that it could cut costs like freight and demurrage costs.
He said the new price slash was a product of a joint committee of NNPC and labour representatives, which looked into ways of cutting costs.
On the aspect of electricity tariff, both sides agreed to wait till the next meeting date on January 25 to enable the special committee dealing with complaints to conclude their deliberations.
The President of the Nigeria Labour Congress, Mr Ayuba Wabba, collaborated the position of the minister, saying that the agreement was reached by both sides. (PUNCH)