The Federal Government on Tuesday said it has not reversed its decision to remove subsidy on Premium Motor Spirit (PMS), otherwise known as petrol.
Mrs. Sotonye Iyoyo, acting Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, in a statement noted that there is no appropriation for subsidy in the 2016 budget.
She stated further, “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 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 wishes to reiterate its commitment to ensuring seamless supply and distribution of petroleum products in the Country.”
