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New Price For Domestic Gas kicks Off From January 1, 2015

Investigations have revealed that the price for domestic gas used for power generation, which recently jumped from $1.5 per thousand cubic feet (MCF) to $2.5 per MCF will take effect from January 1, 2015.

The Group Executive Director (GED) in charge of Gas and Power at the Nigerian National Petroleum Corporation (NNPC), Dr. David Ige, who spoke last weekend, stated that the new price would take effect from January 1, 2015.

Chief Executive Officer of Frontier Oil Limited, operator of Uquo Marginal Field, first marginal gas field in Nigeria, Mr. Dada Thomas, also, last weekend said that gas business was a complex one.

“The new price prescribed by the Honourable Minister of Petroleum can only come into effect for new contracts or by mutual agreement of the two parties to an existing contract. It will therefore, take time for it to be felt in the market,” Thomas said.

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