India doubles prices of locally produced gas
India has more than doubled the regulated wholesale prices of locally produced natural gas with effect from April 1, the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) said on March 31.
For the April 1 to September 30 period, the price paid to most domestic natural gas producers will be $6.1/mn Btu, up from $2.9/mn Btu during October 1-March 31 period. The price of locally-produced gas is set every six months through a formula linked to global rates.
PPAC also notified an increase in the natural gas prices from difficult-to-exploit fields such as deep water, ultra-deepwater and high pressure-high temperature to $9.92/mn Btu from $6.13 per mmBtu.