FG sets new base gas price for power companies, 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.