Three Private Refineries To Begin Operations In Akwa Ibom – Gov. Udom

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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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