State-owned Oil and Natural Gas Corp (ONGC) has sought a review of the natural gas pricing formula as rates have dropped below cost.
India’s largest natural gas producer demanded a floor or minimum price of natural gas be fixed at USD 4.2 per million British thermal unit for the business to make economic sense.
The BJP-led government in October 2014 had evolved a new pricing formula using rates prevelant in gas surplus nations like the US, Canada and Russia to determine rates in a net importing country.
Credit By : Economictimes.indiatimes.com
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