The Federal Government says it has not reversed its decision to remove
subsidy on Premium Motor Spirit (PMS) popularly called petrol. In a
statement released by the Executive Secretary of the Petroleum Pricing
Regulatory Agency (PPPRA), Sotonye Iyoyo, the agency 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".
While appreciating the patience of Nigerians, the PPPRA reiterated its
commitment to ensuring seamless supply and distribution of petroleum
products nationwide.
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