ST Nnene, The PUNCH gathered, had cost Emadeb Energy’s Chief Executive Officer, Adebowale Olujimi, and its bank partners of $17m (about N13b) to hire.
He said, “Petrol importation is not a sustainable way for a country to run. From what we saw yesterday when PMS price rose to over N600 per litre, it is an indication that the dynamics of the business is a tough one. It requires huge US dollars to bring in this. The way forward is for local refineries to be revived,” he said.
He said, “This is what we have been looking forward to. When we talk about deregulation, people think it’s all about increasing prices. No. Although prices would now be determined by market dynamics, deregulation also opens up the market for other players to come in. General Secretary, the Natural Union of Petroleum and Natural Gas Workers, Afolabi Olawale, also canvassed for local refining.
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