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

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

By Ekemini Ekwere | Staff Writer on January 2, 2016
Governor Udom Emmanuel of Akwa Ibom State Leader
FILE: Governor Udom Emmanuel addressing guests at a political event in 2014 before becoming governor.

Akwa Ibom State Governor, Mr. Udom Emmanuel has disclosed that three private refinery operators have indicated interest to start operations in the state

Governor Udom made this known on Friday, January 1, 2016 during the monthly prayer meeting at the Latter House Chapel, Government House, Uyo.

He 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.

Governor Emmanuel was speaking against the backdrop of artificial scarcity of premium motor spirit (PMS) created by the marketers who have closed their stations and in the process deny motorists and the consuming public, access to the product.

Governor Udom said; “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.

“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.”


Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.