Emmanuel Thomas
Nigeria, April 4, 2016 – Petroleum Products Pricing Regulatory Agency(PPPRA) has said that the Federal Government has not reversed its decision to remove subsidy from petroleum products.
In a statement, Ag. Executive Secretary of the agency, Mrs. Sotonye Iyoyo said the fact that there was not going back on the policy is indicated in the lack of appropriation for the subsidy in the 2016 budget adding that what still exists is Price Modulation Policy, through which it condiders and reviews pump price of Premium Motor Spirits(PMS).
“Contrary to reports by a Section of the Nigerian Media, the Federal Government has not reversed its decision to remove subsidy on Premium Motor Spirit (PMS), moreso when there is no appropriation for subsidy in the 2016 budget.
“The PPPRA wishes to state categorically that what still exists is Price Modulation Policy, through which it considers and reviews pump price of PMS quarterly.
“The Agency also wishes to assure Nigerians that the funds from Over-Recovery in the first quarter (Q1) shall be duly utilized for whatever noticeable imbalance in April 2016 in line with the Price Modulation Principle.
“While appreciating the patience of Nigerians, the PPPRA wishes to reiterate its commitment to ensuring seamless supply and distribution of petroleum products in the Country”, it said.
