No going back on subsidy removal – FG

The Federal Government, Monday, said it is
not going back on its decision to remove
subsidy from Premium Motor Spirit, also
known as petrol.
Specifically, the Petroleum Products Pricing
Regulatory Agency, PPPRA, in a statement
signed by its Acting Executive Secretary, Mrs.
Sotonye Iyoyo, explained that what currently
exists is the price modulation mechanism
through which price of PMS is adjusted in line
with market realities.
She said, "Contrary to reports by a 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 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."