ACTING Executive Secretary, Petroleum Pricing and Product Regulatory Agency (PPRA), Mrs Sotonye E. Iyoyo, has disclosed that the Federal Government has not returned subsidy on Premium Motor Spirit (PMS), otherwise known as petrol.
Sotonye, in press statement made available to the Nigerian Tribune, stated that what actually happened was price modulation policy, a system when government reviews pump price.
According to Sotonye, “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.”
Sotonye, on behalf of the agency, “assures 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, however, commended Nigerians for their patience, while adding that the PPPRA reiterated its commitment to ensuring seamless supply and distribution of petroleum products in the country.
Title :
subsidy has not been returned by FG -PPPRA
Description : ACTING Executive Secretary, Petroleum Pricing and Product Regulatory Agency (PPRA), Mrs Sotonye E. Iyoyo, has disclosed that the Fede...
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