Informist, Thursday, Oct. 31, 2024

MUMBAI – The government has raised the price of domestically produced natural gas to $7.53 per million British thermal unit for November from $7.48 per mBtu in October on a gross calorific value basis, the oil ministry's Petroleum Planning and Analysis Cell said in a notification issued Thursday.

The natural gas produced by Oil and Natural Gas Corp. Ltd. and Oil India Ltd. will be subject to a ceiling of $6.50 per mBtu on a gross calorific value basis for November, according to the notification.

In April 2023, the petroleum and natural gas ministry amended the New Domestic Natural Gas Pricing Guidelines, 2014, to integrate several recommendations of the Kirit Parikh committee on gas pricing. The revised guidelines mandate that domestic natural gas prices be 10% of the Indian crude oil basket price and be declared every month by the Petroleum Planning and Analysis Cell on the last day of the month. End

US$1 = INR 84.08

Reported by Ashutosh Pati

Edited by Vandana Hingorani

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