Business
FG sets new base gas price for power companies, commercial users
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has set a new 2024 base gas price for companies in the power sector and commercial users.
This is contained in a statement signed by Farouk Ahmed, the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the statement, companies in the power sector will pay $2.42 MMBTU for wholesale gas purchases while commercial users will buy natural gas at $2.92 MMBTU.
Furthermore, the NMDPRA referenced provisions of the new Petroleum Industry Act (PIA) as the legal backing for its latest decision.
It stated,
Additionally, the NMDPRA set the floor prices for gas-based industries such as producers of ammonia, methanol, low sulphur diesel at $0.90 MMBTU while the ceiling prices is $2.42 MMBTU.
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