The Federal Government declared on Monday that it had 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 Petroleum Products Pricing Regulating Agency (PPPRA), which declared this in a statement, maintained that the clarification was contrary to reports by a section of the Nigerian media.
The PPPRA, in a statement signed by Ag. Executive Secretary, Sotonye E. Iyoyo (Mrs.), said it “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 continued that it “wishes to assure Nigerians that the funds from Over-Recovery in the first quarter (Q1) shall be duly utilised for whatever noticeable imbalance in April 2016 in line with the Price Modulation Principle.”
While appreciating the patience of Nigerians, the PPPRA also reiterated its commitment to ensuring seamless supply and distribution of petroleum products in the country.
