Abuja — MANUFACTURERS Association of Nigeria(MAN), yesterday won its protracted battle with Gaslink , a subsidiary of Oando over hike in the price of domestic gas as the Federal Government finally slashed the price from N69.07 to N24.21 per cubic metre.

The managing director of the Nigerian Gas Company (NGC), Mr. Voka Mukoro, who gave the news yesterday at a resumed meeting with the Senate committee on gas and other stakeholders in the industry said the reversed price was with effect from July 1, 2008.

The downward review followed an agreement reached by stakeholders, including NGC, Gaslink and MAN which protested the increase of gas price from N21.05 per cubic metre to N69.07 without approval from government.

Mukoro told members of the Senate committee that the key stakeholders at a meeting last week resolved to fix the price at agreed price of N24. 21, representing a 15 per cent.

The Senate committee which opened investigation on the increase last month, rejected the increase and ordered a reversal to old price until stakeholders agreed on an acceptable price.

However, presenting the agreement for the new price, Mukoro, said stakeholders had agreed on the N24.21 per cubic metre.

The agreement presented to the Senator Osita Izunaso committee read in part: "The manufacturers want an assured supply of the lowest priced fuel in order to remain competitive both locally and in the global market. Gaslink on the other hand wants value for the supplied and a reasonable return on its investment.

"In the course of the deliberation, it was necessary for the NGC to encourage Gaslink to take more than proportionate reduction of its position in the interest of the industries and the nation at large. Our deliberation therefore resolved as follows. There will be a 15 per cent increase from N21.05/scm to N24.21/ scm price of gas".

Receiving the Senate committee, however, warned that no company in the country should take laws into its hand and increase the price of petroleum or gas products without due consultation with stakeholders and government's approval.

It mandated NGC to maintain more effective oversight on the activities of all the distribution companies to ensure adequate supply of gas to manufacturers at approved prices.