Nigerian manufacturers are said to be paying $3 more than the approved international price for gas, The Nigerian Xpress has learnt.
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu who disclosed this in a statement said 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.
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He said the $7.45 per standard cubic feet of gas paid by manufacturers in the country is too high.
, “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 for gas is $5, why should the end user in Nigeria pay $8?”,Kachikwu queried.
The minister said he was unable to see how the current structure conforms to the rules that have been set.
