Petrol pumps

There has been no shift by the Federal Government on the decision to scrap  subsidy on petrol consumption, the agency in charge of such matter clarified today.

The Petroleum Product Pricing Regulatory Agency said in a press statement that “the Federal Government has not reversed its decision  to remove subsidy on premium motor spirit(PMS), more so when there is no appropriation for subsidy in the 2016 budget”.

The PPPRA statement signed by its acting executive secretary debunked reports published in some sections of the media that the subsidy was back.

“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) hall be duly utilised for whatever noticeable imbalance in April 2016 in line with the Price Modulation Principle’, added Iyoyo’s statement.