Fuel Scarcity: Gov. Advocates Liberalisation Of petroleum Downstream Sector | Independent Newspapers Limited
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Fuel Scarcity: Gov. Advocates Liberalisation Of petroleum Downstream Sector

Posted: Oct 18, 2015 at 4:20 pm   /   by   /   comments (0)

Gov. Udom Emmanuel of Akwa Ibom has advocated the liberalisation of the petroleum downstream sector to regulate the cost paid by the public for petroleum products.

Emmanuel, who stated this during the monthly prayer meeting at the Latter House Chapel, Government House, Uyo, on Saturday regretted the artificial scarcity of premium motor spirit (petrol) in the state.

The governor regretted that the artificial scarcity was created by the marketers who closed their stations and in the process denied motorists and the public access to the product.

He said that with the liberalisation policy, anybody could come in, refine and sell the product, adding the product would be cheaper in the long run.

“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 Nigerian Governors’ Forum, subsidy issues were not deliberated.

“If at all it (subsidy) 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 (marketers) to enjoy super profits,” he said.

The governor cautioned the marketers against allowing the fuel scarcity in the state to degenerate, noting that no fuel station opened in the state on Friday.

According to him, the landing cost of crude oil is currently N78 in the market, adding with liberalisation, the product will be available and cheap.

He announced that three companies had indicated interest to start refinery operations in the state and warned marketers against contravening the Miscellaneous Code, which he said was punishable by law