Abuja - The Federal Government said it is not going back on its decision to remove subsidy from Premium Motor Spirit, also known as petrol.
The Petroleum Pricing Regulatory Regulatory Agency (PPPRA) in a statement on Monday said stated that contrary to media reports, what still exists is Price Modulation Policy, through which it considers and reviews pump price of PMS quarterly.
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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.”
- News 24