‘PPPRA To Review Pump Price Quarterly’

The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated that there will be a quarterly review of petroleum pump price in Nigeria.
A statement issued by the Acting Executive Secretary of PPPRA, Sotonye Iyoyo, yesterday, said that the decision by the Federal Government to remove subsidy will not be reversed, but added that there will be a review in the pump price.
“Contrary to reports in some sections of the Nigerian media, 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 statement read.
Iyoyo 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 added.