Fuel pump price will be reviewed quarterly - PPPRA

Sotonye Iyoyo1

FILE PHOTO: Acting Executive Secretary, Petroleum Products Pricing Regulatory Agency, Mrs Sotonye Iyoyo; Group Executive Director, NNPC Ventures, Babatunde Victor Adeniran and NNPC GMD, Dr Ibe Kachikwu

FILE PHOTO: Acting Executive Secretary, Petroleum Products Pricing Regulatory Agency, Mrs Sotonye Iyoyo; Group Executive Director, NNPC Ventures, Babatunde Victor Adeniran and NNPC GMD, Dr Ibe Kachikwu
FILE PHOTO: Acting Executive Secretary, Petroleum Products Pricing Regulatory Agency, Mrs Sotonye Iyoyo; Group Executive Director, NNPC Ventures, Babatunde Victor Adeniran and NNPC GMD, Dr Ibe Kachikwu

The Petroleum Products Pricing Regulatory Agency (PPPRA) has stated there will be a quarterly review of petroleum pump price in Nigeria.

In a statement issued by Sotonye Iyoyo, the acting executive secretary of PPPRA the decision by the federal government to remove subsidy will no be reversed, however, there will be a review in the pump price.

“Contrary to reports in some 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 statement read.

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Oyoyo then 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 noted.