Manufacturers urge government to revisit gas pricing as oil price dips

According to them, there is need for the diligent application of the pricing mechanism under the new gas regulation to bring down the price of gas drastically given the current low price of crude oil at the international market;

They stressed the need to structure the Natural Gas Pricing Act to allow for “free buyer and free seller” in order to avoid monopoly in areas of supply coverage. Earlier, the Director-General, MAN, Segun Kadir, represented by the Director, Corporate Communications, MAN, Ambrose Oruche, expressed deep concerns over the high price of gas offered to manufacturers in the country, saying the sector is already beset with myriads of challenges.

He stated that many jobs would be threatened if the price of gas is increased, adding that some manufacturing outfits have already closed shops due to the harsh operating environment in the country. “We do not anticipate the government fixing the price of gas. It is not the role of the State, but what we expect is that commercially derived pricing arrangement such as the Export Parity Price which is not set by the government will form the basis of the pricing while the pricing formula will now be in the regulation.”

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