The Federal Government says it has not upturned its choice of removing
subsidy on Premium Motor Spirit (PMS) popularly called petrol. In a report
issued by the Executive Secretary of the Petroleum Pricing Regulatory Agency
(PPPRA), Sotonye Iyoyo, the agency specified 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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