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.” Click to signup for FREE news updates, latest information and hottest gists everyday
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What is the difference between Price Modulation and Removal of Subsidy? Why does APC specialise in deceiving Nigerians?
ReplyDeletePheeew!!! Now I can breathe easier. I knew it was April fool that subsidy is back. We need this PPPRA disbanded or closed down ASAP why do we need price regulation when there is no more subsidy payment???
ReplyDeleteJust scrap PPPRA and let the market determine prices. We did it with diesel since Yar'adua's time and today diesel is available everywhere at varying prices. Disband PPPRA now, stop allocating import quotas for PMS and let anyone who wants to import do so. If it means we'll be paying N120/litre of PMS, at least it would be available. Not like today when we claim PMS is N86.5/litre but we're in fact buying at N350/litre from the black market.
ReplyDelete