Nigerian petroleum agency announces new gas price for strategic sector

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“The Petroleum Industry Act (PIA) 2021 assented to by the President on the 16th of August 2021 and gazetted on the 27th of August 2021 provides a clear regulatory framework for the determination of a market-based pricing regime for the domestic gas market in Nigeria,” Mr Ahmed said.

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Announcing the establishment of the 2024 DBP, the agency in a letter signed by its Chief Executive, Farouk Ahmed, set the gas-to-Mr Ahmed, in a letter titled ‘Announcement on Establishment of the Year 2024 Domestic Base Price and Applicable Wholesale Price of Natural Gas for the Strategic Sectors’, said the Petroleum Industry Act 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...

Mr Ahmed said the price of natural gas must be of a level to bring forward sufficient natural gas supplies for the domestic market on a voluntary basis by the upstream producers. Commending investors in the domestic gas market sector, the agency assured of its commitment to deepening the domestic gas market.

 

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