India has raised the price of natural gas to $2.89 per mmBtu for October-March 2017-18, making it the first hike in three years after seven straight cuts in the price of the gas produced at the domestic fields, including the KG-D6 field of Reliance Industries, and the fields of Oil and Natural Gas Corp and Oil India Ltd. Earlier, the price of the natural gas produced at the domestic fields in the preceding six-month period to September was cut to $2.48 per million metric British thermal units, defying the expectations of a higher price.
The government has also sharply raised the cap on premium price to $6.3 per mmBtu from $5.56 per mmBtu for the natural gas produced from difficult fields, it said in a notification. The rise is ostensibly in line with the rising benchmark reference rates in major global markets. Read More…
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