…Says price modulation still in force
By Adewale Sanyaolu
THE Petroleum Products Pricing Regulatory Agency (PPPRA) has said there was no provision for fuel subsidy in 2016 budget.
The agency’s clarification is coming on the heels of its recently released pricing template which put the expected open market price of petrol at N91.30k.
A statement from the acting Executive Secretary of PPPRA, Mrs. Sotonye Iyoyo, explained that 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
Stakeholders are of the view that with expected open market price at N92.34k, government would be subsidizing a litre with N5.80k.
But, rather than subsidize, PPPRA said what still exists is Price Modulation Policy, through which it considers and reviews pump price of petrol quarterly.
“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 assured.