No provision for petrol subsidy in past 3 years – PPPRA

The Petroleum Products Pricing Regulatory Agency on Monday declared that it was wrong to state that the Federal Government was paying subsidy on Premium Motor Spirit, popularly called petrol, as there was no provision for subsidy in the past three years.

It said claims that the government had been paying subsidy on petrol were false, adding that the PPPRA had been dispensing its obligation in line with the mandates as contained in the Act that established it and was not aware that another agency had taken over its duties.

The agency’s spokesperson, Apollo Kimchi, said that the agency administered the price modulation mechanism for the period of January to May, 2016, adding that presently, the scheme managed by PPPRA since May 2016 was the Appropriate Pricing Framework.

Source: The Punch



Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...