Nov. 15 (Bloomberg) -- Oil & Natural Gas Corp., India’s largest state-owned oil explorer, said the government is considering a proposal to increase the administered price of natural gas, without saying where it got the information.

The gas price for ONGC during the financial year ending March 31 would rise to 4,142 rupees ($89.3) per million standard cubic meters as per the proposal, the company said in an e- mailed statement. The New Delhi-based company said it received a price of 2,850 rupees per million standard cubic meters for the gas it produced from October 1997 through June 2005.

ONGC shares rose 3.1 percent to 1,184.1 rupees in Mumbai on Nov. 13 after Bloomberg-UTV reported, without saying from where it got the information, that India has proposed a 31 percent increase in the administered price of natural gas.

To contact the reporter on this story: Anil Varma in Mumbai at avarma3@bloomberg.net.

Last Updated: November 15, 2009 05:45 EST