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    India Cuts Gas Price by 8%

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Summary

India on Tuesday reduced the price of domestically produced natural gas by 8 percent to $4.66 per mmBtu.

by: shardul

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Asia/Oceania

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India Cuts Gas Price by 8%

India on Tuesday reduced the price of domestically produced natural gas by 8 percent to $4.66 per mmBtu.

Petroleum Pricing and Analysis Cell (PPAC), pricing wing of India’s oil ministry, said gas will cost $4.66 per mmBtu from April 1 to September 30 on gross clarofic value basis (GCV) as opposed to $5.05 per mmBtu currently.

On net clarofic value (NCV) basis, the rate would be $5.1726 or $5.18 as compared to $5.61 currently.

"In accordance with Para 8 of the 'New Domestic Natural Gas Pricing Guidelines, 2014' issued by Ministry of Petroleum and Natural Gas, Government of India, the price of domestic natural gas for the period April 1, 2015 to September 30, 2015 is given hereunder: $4.66 per mmBtu on GCV basis," PPAC said in a statement.

The new rates are as per the formula approved by the government in October last year. The rates were raised to $5.61 per mmBtu from $4.2 per mmBtu effective November 1, 2014.

 

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