The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the establishment of the 2024 Domestic Base Price (DBP) and applicable wholesale price of natural gas for the strategic sectors.
Announcing the establishment of the 2024 DBP, the agency in a letter signed by its Chief Executive, Farouk Ahmed, set the gas-to-power (Power sector) base price to $2.42 per Million British Thermal Unit (MMBTU) and $2.92 MMBTU for the commercial sector.
Mr Ahmed, in a letter titled ‘Announcement on Establishment of the Year 2024 Domestic Base Price (DBP) and Applicable Wholesale Price of Natural Gas for the Strategic Sectors’, said the Petroleum Industry Act (PIA) 2021 assented to by the President on 16 August 2021 and gazetted on 27 August 2021, provides a clear regulatory framework for the determination of a market-based pricing regime for the domestic gas market in Nigeria.
