A delegation of the Nigeria Labour Congress/Trade Union Congress is now in the presidential villa for a rescheduled meeting with the Federal Government on the contentious sudden cut in fuel subsidy.

The labour team is insisting that government reverses the price of fuel from the current N141 to  the old price of N65 a litre.

The decision to stick to N65 was jointly taken by both labour centres this evening after they held separate meetings of their national excutive committees. 

Premium Times gathered that the two labour centres were heading into the make or mar meeting with the government with the additional demand for the constitution of a high powered committee comprising all stakeholders, to discuss modalities for the implementation of an acceptable deregulation programme in the downstream sector of the petroleum industry.

Labour’s demand is also expected to include a request for a comprehensive review of the fuel pricing template by the Petroleum Products Pricing Regulatory Agency (PPPRA) to ensure all elements that promote corrupt practices along the fuel distribution chain are eliminated.

During the meeting held last Thursday, the Federal Government was said to have shifted its position by proposing a new price of N120, which the labour delegation rejected, saying it had no mandate to negotiate pricing with government.

The outcome of the meeting is crucial for an anxious nation, whose citizens are apprehensive that without an amicable resolution of the crisis, the country might descend into an unprecedented economic and social crisis.

The influential Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said it would close oil and gas production facilities at midnight in solidarity with its affiliate labour centre.

Analysts say the stoppage of oil and gas production is likely to stir a massive spike in commodity prices at the international market , while the resumption of the suspended mass protest would spell unprecedented losses to the economy.