PENGASSAN & NUPENG might Go On An Indefinite Strike Starting Monday December 15th

Reports that PENGASSAN and NUPENG  will begin an indefinite nation-wide strike starting on Monday Dec. 15. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said the strike would affect all levels of oil and gas operations from production to distribution.

The workers are protesting over the government’s inability to effectively maintain the country’s refineries and reduce prices at the pump in line the 45 percent slump in global oil prices. They are also aiming to push the government to evolve new ways of combating pipeline vandalism and oil theft.

Is this enough reason to put Nigerians through pain of long queues at filing stations? With the economy on the brink due to fall in oil prices, this is just another added layer of uncertainty we just do not need. Nigerian stocks has a bad week last week as the index lost over 7%. The strikes may feed negative sentiments towards stocks and investing.