night said the federal government had not rescinded its decision
to modulate the pump prices of petrol across filling stations in
Nigeria, and that subsidy on petrol has also not been
reintroduced.
It said in a statement that was signed by its acting Executive
Secretary, Mrs. Iyoyo Sotonye, in Abuja that contrary to media
reports, the government would continue with its price modulation
policy which it currently uses to fix petrol prices.
Sotonye also said that accumulated funds from the government’s
over recovery on prices within the first quarter import allocation
would be used to make up any noticeable imbalances in April,
and that no fund was provided for subsidising petrol
consumption in the 2016 budget.
“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,” said Sotonye.
She further stated: “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.”
According to her, “the funds from over recovery in the first
quarter (Q1) shall be duly utilised for whatever noticeable
imbalance in April 2016 in line with the price modulation
principle.”
Sotonye then noted that the agency was committed to ensuring
seamless supply and distribution of petroleum products in the
country.
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