PENGASSAN warns against unwarranted sack

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said it would not tolerate indiscriminate sack of its members under the guise of falling oil prices in the i

nternational market.

Its President, Comrade Olabode Johnson, who spoke with journalists in Lagos, said the union would jealously guide the rights of workers in the sector in the face of the current realities.

He said the union is optimistic that when the Petroleum Industry Bill (PIB) is passed into law, it would launch Nigeria into global reckoning in terms of better prospects in the oil and gas industry. He stressed that the bill could still be passed barring post-election skirmishes in the country which could frustrate same.

Director, Advisory, Oil and Gas, PriceWater House Ltd. Mr Ritch Wingo, said oil companies may lay off workers due to the drop in oil price in the global market.

Wingo, who spoke on the sidelines at an event in Lagos recently that falling oil price has adversely affected the sector.

“Right now, a lot of companies are trying to lay off workers due to falling oil price. It is going to be pretty rough in a couple of months to come. The best thing to do now is to go back to the banks to talk on how to restructure our finances so that people will not default. If oil price continues to fall, investors are not going to invest again,” he said.

Wingo said the present pump price of petrol, though good, was not sufficient.

“If you look at the United States of America, a gallon of petrol is sold for just $4 (N740) because there is a regulatory body regulating the price,” he said.