The Department of Petroleum Resources (DPR) said its attention has been drawn to the misinterpretation of the comments made by it regarding subsidy removal.
This follows an online publication stating that the price of PMS could rise up to N1,000/litre upon the subsidy removal without alternative energy.
DPR wishes to state that the headline of the publication is misleading as the comments of the Director/CEO DPR was clearly taken out of context.
The Director/CEO specifically created a scenario of price instability of Premium Moter Spirit (PMS) based on 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 reemphasized 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.
The Department hereby restates that we will continue to enable businesses and create opportunities through our downstream focus on Quality, Quantity, Integrity and safety (QQIS).
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