Natural Gas
Government lowers domestic natural gas price to $7.48/mBtu for October
This story was originally published at 14:48 IST on 30 September 2024
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MUMBAI – The government has reduced the price of domestically produced natural gas to $7.48 per million British thermal unit for October from $7.85 per mBtu in September on a gross calorific value basis, the oil ministry's Petroleum Planning and Analysis Cell said in a notification issued Monday.
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 October, 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 = 83.78 rupees
Reported by Ashutosh Pati
Edited by Tanima Banerjee
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