Nigeria: PPPRA reiterates commitment to Price Modulation Mechanism

*Fuel hawkers in Lagos, Nigeria.

*Fuel hawkers in Lagos, Nigeria.

05 April 2016, Sweetcrude, Lagos — The Petroleum Products Pricing and Regulatory Agency, PPPRA, has said that 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, adding that there so when there is no appropriation for subsidy in the 2016 budget.

In a statement released Tuesday, Sotonye Iyoyo, the Acting Executive Secretary of the PPPRA said that what still exists is a price modulation Policy, through which the Agency 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,” she stated.

The Agency said it appreciates the patience of Nigerians and wishes to reiterate its commitment to ensuring seamless supply and distribution of petroleum products in the Country.

About the Author