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.
It added that the Director/CEO specifically created a scenario of price instability of PMs based on current dollar to naira differentials, stating that if Nigeria continues to rely on importation of PMs without developing alternative energy sources such as CNG, LNG, AUTOGAS, and so on, which will provide price buffers for consumers and eventually crash the price of PMs, then the product will be subject to prevailing market forces.
The Director also emphasized that the government’s strategy for alternative energy sources is a key program, which has resulted in the declaration of the Decade of Gas (DoG), with the goal of transitioning the Nigerian economy to a gas-based economy by 2030.
The Department reiterated its commitment to enabling businesses and creating opportunities through a downstream focus on Quality, Quantity, Integrity, and Safety (QQIS).