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Fuel Subsidy PPPRA says no going back on removal

This was disclosed via a statement released by PPPRA’s acting Executive Secretary, Iyoyo Sotonye on Monday, April 4, 2016.

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Fuel Scarcity play

Fuel Scarcity

(Business Day)

The Petroleum Products Pricing Regulatory Agency (PPPRA) has denied reports that the federal government has resumed the payment of fuel subsidies.

This was disclosed via a statement released by PPPRA’s acting Executive Secretary, Iyoyo Sotonye on Monday, April 4, 2016.

It reads:

“Contrary to reports by a section of the Nigerian media, the federal government has not reversed its decision to remove subsidy on petrol more so 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.”

The PPRA was earlier reported to have announced a resumption of the subsidy regime saying that the government will begin to pay N5.84 on every litre of petrol sold from April 1, 2016.

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