Prices of natural gas likely to rise by 10%

Prices of natural gas likely to rise by 10%

Natural gas price will likely rise 10% and the price cap for gas from difficult fields jump 21%, people with knowledge of the matter said. This would boost the earnings of gas producers such as ONGC and Reliance Industries , but hurt households and factories that consume the fuel.

The price of locally produced natural gas, decided by a government-set formula that takes average rates from international trading hubs, is published for six months and announced twice a year on the last working days of March and September.

The announcement, slated for Friday, had not been made till late in the night as oil ministry officials awaited a nod from the Election Commission on the matter, the people said. The ministry had sought EC’s permission for publishing the gas price. Read More

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