Informist, Monday, Jul 1, 2024

MUMBAI - The government has lowered the price of domestically-produced natural gas to $8.24 per mBtu for July from $8.44 per mBtu in June on a gross calorific value basis, the oil ministry's Petroleum Planning and Analysis Cell said in a notification.

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 July, the notification said on Sunday.

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 a month. End

US$1 = 83.41 rupees

Reported by Romeo M. Raj

Edited by Vandana Hingorani

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