State-owned Oil and Natural GasBSE 0.95 % Corp (ONGC) has said that producing natural gas is no longer a profitable business for the company as the government-mandated gas price is significantly below the cost of production.
The BJP-led government had in October 2014 evolved a new pricing formula using rates prevalent in gas surplus nations like the US, Canada and Russia to determine rates in a net importing country. Prices have halved to USD 2.48 per million British thermal unit since the formula was implemented. Read more
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