Contrary to media speculation, the federal government has not reversed its decision to remove subsidy on Premium Motor Spirit, PMS, also known as petrol, the Petroleum Products Pricing Regulatory Agency, PPPRA, has said.
The agency said this was more so considering the fact that there is no provision for fuel subsidy in the 2016 budget.
According to the PPPRA, what still exists is Price Modulation Policy, PMP, through which it considers and reviews pump price of PMS quarterly.
A statement issued by the acting Executive Secretary of the PPPRA, Sotonye E. Iyoyo, said “the agency also wishes to assured 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 so far exhibited by Nigerians, the PPPRA reaffirmed its commitment to ensuring seamless supply and distribution of petroleum products in the country.