Oil workers, employers differ on new pump price of petrol

Oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), yesterday commended the Federal government over the price slash of fuel in the country.

Its President, Comrade Olabode Johnson told our correspondent that the adjustment in the pump price of fuel aligns with the yearning of oil workers and Nigerians on the need to give succour to the people in the face of the faling oil price in the international market.

He said the Federal government action’s on the price slash is a right step in a right direction.

But Director-General of Nigeria Employers Consultative Association (NECA), Olusegun Oshinowo described the price reduction of fuel as a right action within a wrong policy framework

He said that the action of the government is begging the more fundamental issue of appropriate policy framework that will promote investment in the downstream sector of the oil & gas and put a stop to the embarrassing and shameful practice of importation of Premium Motors Spirit (PMS).

He explained that the expectation of his association is that government would seize the opportunity of the current decline in the price of crude oil to commence implementation of the policy on deregulation of the downstream sector of the oil and gas.

He said this is a unique timing the government cannot afford to miss as full implementation of deregulation, which in time past had led to price increase and reaction by the labour movement by the way of industrial action, does not have any negative effect on the masses.

He said: “We are indeed surprised that government’s announcement was limited to just the reduction in the price of fuel (PMS) as one would have expected a far more holistic announcement of a new policy thrust of deregulation of the downstream sector and privatization of the four (4) government refineries which have now become a sink-hole.