PENGASSAN, NUPENG Back Federal Government On Subsidy Removal Amid Resistance By NLC

Posted by Jay




The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have voiced their support of the new hike in the pump price of petrol by the Federal Government.

This was contained in a communique released by both bodies at the end of a Joint National Executive Council Meeting held on Friday in Calabar, the Cross River State capital, where they posited that the move will encourage the much-needed investment in the sector, Channels reports.

“The increment was a step in the right direction,” the communique read, adding that, “Government needs to engage with stakeholders to work out a clear direction on how to invest the gains into the economy to cushion the effect of the price”.

It also resolved that the decision of the Federal Government to deregulate the downstream sector of the oil industry was to encourage investment in refineries, make the product available and drive down the pump price.

The Federal Government on Wednesday introduced a new price band for Premium Motor Spirit (PMS), of N135 to N145 per litre, a move that was described by the Nigeria Labour Congress (NLC) as the “worst approach that any government has taken” in the history of Nigeria.






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