ACTING Executive Secretary, Petroleum Pricing and Product Regulatory
Agency (PPRA), Mrs Sotonye E. Iyoyo, has reiterated that the Federal
Government has not reversed and is not intending to return subsidy on Premium Motor Spirit (PMS),
otherwise known as petrol.
In a press statement reportedly made by
the Acting Executive Secretary, she unequivocally explained that what the federal government adopted was price modulation policy, a system
when government reviews pump price and not subsidy removal as alleged in some quarters adding that the 2016 Appropriation Budget which determines the orders of governance did not have the provision for subsidy.
“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 exists is price
modulation policy, through which it considers and reviews pump price of
PMS quarterly”, she said.
Sotonye, while commending Nigerians for patience and support to the administration towards resolving the abnormalcy in the system also assures Nigerians on behalf of the agency 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.
She however added that
the PPPRA's commitment to ensuring seamless supply and
distribution of petroleum products in the country is unwavering.
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