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.”