Leading unions in Nigeria’s oil and gas sector have hailed Federal Government for the removal of fuel subsidy, which hiked the pump price of the product to N145.
The unions under the auspices of Petroleum and Natural Gas Senior Staff Association of Nigeria and the National Union of Petroleum and Natural Gas workers in a joint communique issued on Friday stated the deregulation of the oil sector was a welcome development.
The national executive councils of the two organizations also called on Nigerians to support the federal government in its quest to end the lingering fuel scarcity.
As stated by the unions, “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.”
They also stated that the government must ensure 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.”
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