Africa Business Radio

The Nigerian Midstream and Downstream Petroleum Regulatory Authority said that it had established a new Domestic Base Price framework and applicable gas wholesale price for the sector. Chief Executive Officer of the organisation, Mr Farouk Ahmed stated that the new framework was in fulfilment of the relevant sections of the new Petroleum Industry Act (PIA) 2021. Ahmed indicated that the applicable wholesale gas price for the power sector shall be the established domestic gas price. He hinted that the base price would be determined annually based on the criteria set in the third schedule of the Act, which are to reference base prices in Nigeria to prices of gas in countries with significant reserves and production of natural gas.