The federal government has announced an increase in the wholesale price of gas to power plants by 11 per cent from $2.18 per MMBTU (Million British Thermal Unit) to $2.42/mmbtu.
The gas companies had since January this year reduced supply to power plants following years unpaid invoices amounting to over $1.2 billion.
The government intervened last month by paying $120 million to the companies, as power supply across the dwindled.
The government in a notice issued by the Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr Farouk Ahmed, also raised the commercial wholesale gas price from $2.42/mmbtu to $2.92/mmbtu
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