The Federal Government, on Monday, announced the new price of natural gas for power generation companies.

It said the price is now $2.42 per metric million British thermal unit, which is higher than the previous rate of $2.18mmbtu.

The new domestic base price and wholesale prices of natural gas for 2024 were unveiled by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja.

NMDPRA also pegged the cost of commercial gas at $2.92mmbtu, up from the previous cost of $2.5mmbtu, in an announcement signed by the Chief Executive, NMDPRA, Farouk Ahmed.

Going by the latest cost of the commodity, there is a high tendency for an upward review of power tariffs, as gas is a major component used in power production.