The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has warned oil marketers over the threat of mass retrenchment of workers (READ IT HERE) if the federal government fails to pay outstanding subsidy owed to them on the importation of petroleum products.
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Oil marketers have said they will embark on mass retrenchment following the failure of the Federal Government to pay the debt owed them for importation of petroleum products as well as the accrued interest on loans from banks and exchange rate differential.
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The Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to pay the outstanding fuel subsidy claims to its members to pay back their bank loans.
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The Nigerian National Petroleum Corporation, NNPC, on Sunday, disclosed that some of its key strategic interventions have led to a crash in the price of Automotive Gas Oil, AGO, otherwise called Diesel, to between N175 to N200 per litre across the country.
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The capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products has continued to weaken as unpaid subsidy claims and matured Letters of Credit (LCs) arising from the old subsidy regime hit $2 billion.
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Experts fret over petroleum industry outlook To douse tension in the oil-rich Niger Delta, the Federal Government plans to award to indigenes of the region marginal fields’ oil blocks abandoned by the oil majors as being not commercially viable. The plan is in line with the government’s larger objective of reducing major incidents of restiveness to about 90 per cent […]
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