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Different strokes for different folks. The two major unions in Nigeria’s oil and gas sector have endorsed the price modulation mechanism adopted by the Federal Government to arrive at the new N145 per litre pump price for premium motor spirit, popularly known as petrol.

The unions are the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas workers (NUPEN).

In a communique jointly issued by both unions, their national executive councils also called for stakeholder engagement by the government to further discuss issues pertaining how to reinvest the gains from the price modulation mechanism.

The communique reads in part:

“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 oil workers also stated that there was an urgent need for a paradigm shift and a new direction in the management of new investment and income in the oil and gas industry, but with critical provisions.

They stated that the government must 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.

They also called for for “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."