India hikes prices of locally produced gas
India has hiked the regulated wholesale prices of locally produced natural gas with effect from October 1, the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) said on September 30 in a statement.
For the October 1, 2021-March 31, 2022 period, the price paid to most domestic natural gas producers will be $2.9/mn Btu, up from $1.79/mn Btu during April 1-September 30 period. The price of locally-produced gas is set every six months through a formula linked to global rates.
PPAC has also raised the ceiling price for gas from difficult-to-exploit fields such as deep water, ultra-deepwater and high pressure-high temperature by 69% to $6.13/mn Btu.