The Nigerian government has announced an increase in the wholesale price of gas to power plants by 11 per cent. This means an increment to $2.42 per Million British Thermal Unit from $2.18 per MMBTU amid the persistent electricity supply in Nigeria.
In a notice issued by the Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority , Engr Farouk Ahmed, the government raised the commercial wholesale gas price from $2.50/MMBtu to $2.92/MMBtu. 'Accordingly, after due consultation with key stakeholders and taking into cognisance the provisions of the PIA, as well as the gazetted Gas Pricing and Domestic Demand Regulations. 'The NMDPRA hereby establishes the Year 2024 Domestic Base Price as USD 2.
Recall that the Minister of Power, Adebayo Adelabu, faulted the gas pricing in dollars in December last year. Since January of this year, gas companies have reduced their supply to power plants following years of unpaid invoices amounting to over $1.2 billion. The government intervened in March by paying $120 million to the companies as the power supply dwindled. However, the country's epileptic power supply had persisted.
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