Akwa Ibom State
Governor Udom Emmanuel has disclosed that three private refinery operators have
indicated interest in starting operations in the state.
The Governor also advocated for the liberalization of the petroleum downstream
sector to make room for an inter play of market forces which would regulate the
cost of Petroleum products for the consuming public.
“Petroleum
marketers are hoarding fuel on the pretext that the just concluded National
Economic Council would push for the removal of Petroleum Subsidy. Let me
clarify that during our last meeting, even at the Governor’s Forum, subsidy
issues were not deliberated. If at all it will be removed, it’s not going to be
immediately, so there’s no point hoarding fuel hoping that subsidy will be
removed for them to enjoy super abnormal profits,” the governor said during the
monthly prayer meeting at the Latter House Chapel, Government House, Uyo.
“Let’s
not take things to the extreme. Yesterday no station was open in the state. I
am of the view that if subsidy is removed, the interplay of market forces will
bring down the price to where it should be.
“At
present, landing cost of crude oil in the current market price is seventy eight
naira, with liberalization anybody can come in, refine and sell the product. This
way, the product will be cheaper, so I want to see the stations opened,”
Emmanuel said.
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