Business News

FG Jacks Up Natural Gas Prices to $2.42 for Gencos

natural gas prices

By Adedapo Adesanya The federal government has announced a new price of natural gas for power generation companies. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) unveiled the new domestic base price and wholesale natural gas prices for 2024, raising the value to $2.42 per metric million British thermal units from the previous rate of $2.18 mmbtu. In the statement announced and signed by the chief executive of the NMDPRA, Mr Farouk Ahmed, it also pegged the cost of commercial gas at $2.92 mmbtu, up from the previous cost of $2.5 mmbtu. Mr Ahmed said the Petroleum Industry Act