The Federal Government said it has not reversed its decision to remove subsidy on Premium Motor Spirit (PMS) popularly called petrol more so when there is no appropriation for subsidy in the 2016 budget.
The Petroleum Pricing Regulatory Regulatory Agency (PPPRA) in a statement last night said stated that contrary to media reports, 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.” The statement signed by Sotonye E. Iyoyo Acting Executive Secretary of the PPPRA said.
While appreciating the patience of Nigerians, the PPPRA reiterated its commitment to ensuring seamless supply and distribution of petroleum products in the Country.
Credit: dailytrust
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