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Just In: FG Announces Reduction in Fuel Price to N162.44 Per Litre
The Federal Government has announced a reduction in the pump price of premium motor spirit, otherwise known as 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 which began around 9 pm on Monday and ended at 1:30 am on Tuesday.
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.
Ngige stated that the committee, which will report back to the larger house on January 25, will appraise the market forces and other things that would ensure stability in the industry.
He said, “Our discussion was fruitful and the Nigerian National Petroleum Corporation which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”
The Punch
British Prime Minister and Labour Party leader Keir Starmer on Monday announced his resignation, bringing an abrupt end to a premiership that began with Labour’s landslide general election victory in July 2024.
Starmer made the announcement in a statement outside 10 Downing Street, where he reflected on his time in office and defended his record in government.
“Every decision I have made has been about putting the country I love first,” Starmer said as he confirmed he would step down as both prime minister and leader of the governing Labour Party.
The resignation marks a dramatic political development in the United Kingdom, coming barely two years after Starmer led Labour back to power following more than a decade in opposition.
His departure is expected to trigger a swift leadership transition within the party at a time of heightened political uncertainty.
Addressing supporters gathered outside Downing Street, Starmer described entering No. 10 in 2024 as “the proudest moment” of his life, saying he entered politics with the goal of improving the lives of millions of people.
The outgoing prime minister also highlighted what he considered some of his key achievements, including rebuilding the Labour Party after years of internal divisions and restoring public confidence in the party’s economic and national security credentials.
Starmer said he inherited a Labour Party that was “politically, financially and morally bankrupt” and faced repeated predictions that it was finished as a political force.
He argued that his leadership helped transform the party, including efforts to tackle anti-Semitism and reposition Labour as a credible alternative government.
His resignation has immediately intensified speculation over his successor. Attention has turned to Andy Burnham, who recently won the Makerfield by-election and is due to be sworn in as a Member of Parliament.
Political observers and Labour insiders believe Burnham could emerge as the overwhelming favourite to take over the party leadership. Some party members are already discussing the possibility of a “coronation” process in which Burnham becomes the sole candidate, avoiding a prolonged leadership contest.
If that scenario unfolds, Labour could have a new leader and prime minister in place by September, around the time of the party’s annual conference.
The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) candidate, Biodun Oyebanji, winner of the 2026 Ekiti State governorship election.
Oyebanji secured a landslide victory, polling 319,224 votes to defeat his closest challenger, the Peoples Democratic Party (PDP) candidate, Dr. Wole Oluyede, who garnered 40,543 votes. The African Democratic Congress (ADC) candidate, Dare Bejide, came a distant third with 12,872 votes.
The election, held across all 16 local government areas of the state, was overshadowed by reports of irregularities and widespread allegations of vote buying, drawing strong condemnation from observers.
The official results were announced on Sunday morning by the Chief Returning Officer, Professor Adenike Oladiji, who declared Oyebanji duly elected after meeting the constitutional requirements.
In her declaration, Professor Oladiji stated: “I, Professor Adenike Oladiji, hereby certify that I am the Returning Officer for the Ekiti State Governorship Election held on June 20, 2026, and that the election was conducted in compliance with the provisions of the law. Biodun Abayomi Oyebanji of the All Progressives Congress, having satisfied the requirements of the law and scored the highest number of valid votes cast, is hereby declared the winner and returned elected.”
Source: Reuters
