Drop in Oil price: Firms might lay off workers

Director, Advisory, Oil and Gas, Price Water House Ltd. Mr Ritch Wingo said oil companies may lay off workers due to the drop in oil price in the global market.
Wingo said this on the sidelines of the Offshore W

est Africa Conference in Lagos that falling oil price had 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 petroleum, though good, was not sufficient. “If you look at the United States of America, a gallon of petroleum is sold for just 4 dollars (N740) because there is a regulatory body regulating the price.