Business
FG Bows To Labour, Reduces Petrol Price

The Federal Government has reduced the pump price of premium motor spirit otherwise know as petrol from N168 per litre to N162.44 per litre effective from December 14, 2020.
Minister of Labour and Employment, Chris Ngige told reporters at the end of a meeting with labour leaders which began at 9pm on Monday and ended at 1:30am yesterday.
The product presently sells at N168, following the decision of the Petroleum Products Marketing Company, a subsidiary of the Federal Government – owned Nigerian National Petroleum Corporation 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 by the larger house to ensure price stability in the industry.
Ngige stated that the committee, which will report back to the lager house on the 25th of January next year, will be appraising the market forces and every other thing that will make for stability in the industry.
Organised labour and some pressure groups had protested the pump price of petroleum products, describing it as unbearable in the face of economic hardship being currently suffered by Nigerians.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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