The Nigerian government has fixed the price of Compressed Natural Gas at $1.57MMBtu. Programme Director/Chief Executive Officer, Presidential Compressed Natural Gas Initiative (PCNGi) Michael Oluwagbemi disclosed this in a statement on Monday. The figure is lower than the prices set for commercial and power sector players, which are $2.92 and $2.
The Nigerian government has fixed the price of Compressed Natural Gas at $1.57MMBtu. Programme Director/Chief Executive Officer, Presidential Compressed Natural Gas Initiative Michael Oluwagbemi disclosed this in a statement on Monday. The figure is lower than the prices set for commercial and power sector players, which are $2.92 and $2.42, respectively.
It further noted that the pricing categorisation of CNG as a GBI would last for five years, subject to renewal under the Petroleum Industries Act 2021. “In line with this, NMPDRA has designated mobility Compressed Natural Gas as a special status, which will serve as a subset of Gas to commercial ; this will also entitle it to Gas Based Industry pricing categorisation for an initial period of 5 years, and renewable for another five years only by the provisions of Petroleum Industry Act 2021.
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