In a statement signed by the Acting Executive Secretary, Petroleum
Products Pricing Regulatory Agency (PPPRA), the President Muhammadu
Buhari-led Federal Government on Monday, said it is not going back on
its decision to remove subsidy from Premium Motor Spirit, also known as
petrol.
According to Mrs. Sotonye Iyoyo, what currently exists is the price
modulation mechanism through which price of PMS is adjusted in line
with market realities.
She said, "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."
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