Three Refineries To Begin Operations In A’Ibom

The Akwa Ibom
State Governor, Udom Emmanuel, has disclosed that three private refinery operators have indicated interest to begin operations in the state even as he warned marketers against contravening the miscellaneous code.
The governor also advocated for the liberalization of the Petroleum down-stream sector to make room for an inter-play of market forces which would regulate the cost of petroleum products for consuming public. Emmanuel stated this during the monthly prayer meeting at the Latter House Chapel, Government House, Uyo.
The governor who was speaking against the back drop of artificial scarcity of petrol, accused marketers of creating the scarcity situation to make more profit at the detriment of the consumers.
He said, “Petroleum marketers are hoarding fuel in the pretext that the just concluded National Economic Council would push for the removal of fuel subsidy. Let me clarify that during our last meeting, even at the Governor’s  Forum, subsidy issues were not deliberated on. If at all it will be removed, it’s not going to be immediately so there is no point hoarding fuel 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 N78, with liberation anybody can come in, refine and sell the product. This way, the product will be cheaper, so I want to see the stations open”.