MR. ODEIN AJUMOGOBIA Minister of State for Petroleum Resources, says there is no going back on deregulation of the downstream sector of oil industry.

Ajumogobia disclosed this to newsmen while he was inspecting some private depots in Lagos.

He said that the deregulation was part of government’s measures to restore stability to the sector

The minister said full deregulation of the downstream sector would address the problem of scarcity of petroleum products and also boost local refining capacity.

“Subsidy is related to Petroleum Industry Bill, when the system is fully deregulated, the lingering crisis in the sector will be addressed and investors will invest in refineries.

“Over the years, crude oil that is produced here is not processed in Kaduna and Warri refineries while that of Port Harcourt is being customised,’’ he said.

The minister said that government was taking its time to explain the situation to all stakeholders.

“ We are not trying to persuade persons individually but collectively, we are going to tell Nigerians when it will take effects,’’ he said.

Ajumogobia said that production activities would be on the upbeat after the deregulation as all the four refineries would work at optimal capacities.

According to him, the ordinary people will derive the greatest benefits when deregulation is finally achieved.

The minister said that the removal of subsidy should not be misconstrued as an opportunity for marketers to cheat the public.