May 22, 2024
FUEL SUBSIDY: DPR makes clarification
DPR generates N2.24trn in 8 months, targets N5trn in December
– By Alison_Godswill

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FUEL SUBSIDY: DPR makes clarification

The Department of Petroleum Resources (DPR) has clarified reports credited to the agency regarding the removal of subsidy on Premium Motor Spirit (PMS).

A statement issued by Mr. Paul Osu, Head, Public Affairs, DPR on Tuesday in Lagos, debunked an online report credited to its Director and Chief Executive Officer, Mr. Sarki Auwalu.

Osu said the publication stating that the price of PMS could rise up to N1,000 per liter upon the subsidy removal without alternative energy was misleading.

According to him, the comments of the director were clearly taken out of context.

“The director specifically created a scenario of price instability of PMS based on the current dollar to naira differentials to the effect that if Nigeria continues to rely on the importation of PMS without creating alternative energy sources like CNG, LNG, AUTOGAS, etc which will provide price buffers for consumers and ultimately crash the price of PMS, then the product will be subject to prevailing market forces.

“The Director further re-emphasized that the strategy for alternative energy sources is  a cardinal program of the government which has led to the declaration of the Decade of Gas (DoG) with the objective to migrate the Nigerian economy to a gas-based economy by 2030.”

He said the DPR would continue to enable businesses and create opportunities through its downstream focus on Quality, Quantity, Integrity, and Safety.

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