Electricity generation companies, facing gas shortages may be entangled in another crisis as the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) increased prices of natural gas.
While the Nigerian Electricity Regulatory Commission (NERC) had pegged the 2024 Multi-Year Tariff (MYTO) on a gas price of $2.18, the price has soared to $2.42 for every Million British Thermal Units – A thermal unit (MMBTU) in a new template released by NMDPRA.
NMDPRA, which released the pricing on its X official handle disclosed that commercial customers would buy gas at $2.92/MMBTU. NMDPRA based the decision on the provisions of the Petroleum Industry Act (PIA) empowered a regulatory framework for the determination of a market-based pricing regime for the domestic gas market in Nigeria.
The…
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