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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.

Additionally, the NMDPRA set the floor prices for gas-based industries such as producers of ammonia, methanol, and low sulphur diesel at $0.90 MMBTU while the ceiling price is $2.42 MMBTU.

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