Posted on: 11:31 Thu, 07 Apr 2016




The Federal Government, Monday,
said it is not going back on its
decision to remove subsidy from
Premium Motor Spirit, also known
as petrol.

Specifically, the Petroleum Products
Pricing Regulatory Agency, PPPRA,
in a statement signed by its Acting
Executive Secretary, Mrs. Sotonye
Iyoyo, explained that 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.”