– NUPENG, PEGASSAN have endorsed the price mechanism adopted by FG to arrive at the new N145 per litre pump price for petrol
– The two unions asked FG to immediately commencement of negotiation of minimum wage for workers across all cadres
Following the removal of subsidy from petrol, the two major unions in Nigeria’s oil and gas sector endorsed the price modulation mechanism adopted by the Federal Government to arrive at the new N145 per litre pump price for petrol.
According to a report by Punch newspaper, the two bodies called for stakeholder engagement by the government to further discuss issues pertaining how to reinvest the gains from the price modulation mechanism.
“The NEC-in-session had an extensive discussion on the recent price modulation. The NEC-in-session is of the view that price deregulation has its benefits in the immediate and near future. However, the NEC-in-session strongly demands the Federal Government’s engagement with the stakeholders to work out a clear direction on how to reinvest the gains into the economy to cushion the effect of the price,” the communique reads in part.
The unions asked the government to ensure optimal performance of the existing refineries and also put in place machinery for the construction of new refineries in the country to ensure adequate production for domestic consumption and possibly export.
The workers added that there was also the need for the “engagement of critical stakeholders for the Federal Government to provide a road map with timelines of the infrastructures it intend to embark upon with the proceeds from this price modulation to cushion the harsh effects of the new direction.
“Immediate reconstitution of the board of PPPRA and PEF for the management of the new price regime and the reconstitution and the re-strengthening of relevant agencies such as Standard Organization of Nigeria, DPR and the Nigeria Customs and Excise Department to prevent the abuse of the new framework of PMS supply and distributions.”
They further stressed that there should be an immediate commencement of negotiation of minimum wage for workers across all cadres
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