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Business & Finance

No Going Back On Petrol Subsidy Removal – FG

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The federal government has restated that it has not reversed its decision to remove subsidy on Premium Motor Spirit (PMS), contrary to reports in a section of the media,

A statement issued yesterday and signed by the acting Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Sotonye Iyoyo, explained that government has not gone back to the subsidy regime, especially  when there is no appropriation for subsidy in the 2016 budget.

Rather, the government explained that what it has in place is a price modulation mechanism where it quarterly reviews pump price of petrol taking into consideration current realities in the international oil market.

“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 statement informed.

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Iyoyo further stated that the funds which has so far accrued to government from over recovery from oil marketers since January 1, 2016, when the price modulation commenced, would be used to settle any imbalance in the market in April.

“The agency also wishes to assure Nigerians 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 said.

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