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| Africa's biggest oil producer is often affected by fuel shortages AFP |
The Federal Government,
Monday, said it is not going back on its decision to remove subsidy from
Premium Motor Spirit, also known as petrol.
Vanguard
report continues:
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.”
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