An agency of the Federal Government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority , unveiled the new domestic base price and wholesale prices of natural gas for 2024, jacking it up to $2.42 per metric million British thermal units, from the previous rate of $2.18mmbtu.
Ahmed said the Petroleum Industry Act 2021 assented to by President Bola Tinubu on August 16, 2021, and gazetted in August 2021, provided a clear regulatory framework for the determination of a market-based pricing regime for the domestic gas market. “ The price must be of a level to bring forward sufficient natural gas supplies for the domestic market on a voluntary basis by the upstream producers.