The Department of Petroleum Resources (DPR) says the misinterpretation of comments about subsidy elimination has caught its attention.
This follows an online publication claiming that without alternative energy, the price of PMS could rise to N1,000/litre if the subsidy is removed.
A statement issued by the Head, Public Affairs DPR, Paul Osu stated that the publication’s headline is misleading, since the Director/CEO DPR’s words were plainly taken out of context.
The statement reads: “Our attention has been drawn to the misinterpretation of the comments made by the Department of Petroleum Resources (DPR) 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”.
“We wish 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 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)”.
