Natural gas price rises 16% to $2.89 per unit

Natural gas price rises 16% to $2.89 per unit

The domestic natural gas price has risen 16 per cent to $2.89 per unit in line with international rates, after falling in every six-monthly revision since the government launched a formula-based pricing three years ago.

The price ceiling for gas from difficult fields has gone up 13 per cent to $6.30 per unit. The revised prices, calculated on gross calorific value basis, are valid for the October-March period.

The gas price for April-September was $2.48/unit, and the ceiling for gas from difficult fields was $5.56/unit.

A price rise would boost profits of producers such as Oil and Natural Gas Corp (ONGC) and Reliance Industries but hurt gas consuming households, drivers and factories.

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