The Federal Government on Monday said it has no plan to reverse its decision on the removal of subsidy on petroleum products.
The Acting Executive Secretary, Petroleum Products Pricing Regulatory Commission, PPPRA, Sotonye Iyoyo, said in Abuja that insinuations to the contrary by a section of the media were false.
Latest PPPRA pricing template released on Friday pegged the expected open market price of petrol at N91.80k signaling the end to over-recovery by the government.
Under-recovery is when the expected open market price (OMP) plus marketers’ margin (Landing cost +Margins) is below the approved official retail price at the pump.
With petroleum products price still fixed at N86.50 for independent and major marketers while government-owned stations sell at N86, indications are that under-recovery era was over.
Currently, the difference between the landing cost of petrol stands at N91.80k which is above the retail price by N5.30k.
In spite of the development, Mrs. Iyoyo said there was no going back on subsidy removal.
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