The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated there
will be a quarterly review of petroleum pump price in Nigeria.
In a statement issued by Sotonye Iyoyo, the acting executive secretary of
PPPRA the decision by the federal government to remove subsidy will no be
reversed, however, there will be a review in the pump price.
“Contrary to reports in some section of the Nigerian media, 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 statement read.
Oyoyo then noted that: “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,” the statement noted.