*As govt to release new gas pricing template in May
Lagos — Nigerian manufacturers currently pay $3 more than the approved international gas price, SweetcrudeReports has learnt.
In a statement by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, natural gas used by commercial consumers in the manufacturing sector goes for $8 as against $5 at the international market.
According to him, in an effort to bridge the gap, the federal government would release a new gas pricing template on May 29.
The Minister said the $7.45 per standard cubic feet of gas paid by manufacturers in the country is too high.
He said, “Government is relying on market-derived pricing mechanism which matches the international pricing. This is the law that people are overlooking and manufacturing figures from nowhere.
“If the international price of gas is $5, why should the end user in Nigeria pay $8?”
“We are unable to see how the current structure conforms to the rules that have been set.”
He added, “The proposed pricing will be done before May 29.”