The Federal Government has announced a reduction in the pump price of petrol from N168 to N162.44 per litre with effect from December 14.

The Minister of Labour and Employment, Dr Chris Ngige disclosed this at the end of a meeting with labour leaders on Monday.

The product presently dispenses at N168, following the decision of the Petroleum Products Marketing Company to increase the ex-depot price of petrol from N147.67 per litre to N155.17 per litre in November.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

The minister said a technical committee has been set up to ensure price stability in the industry.