India Cuts Domestic Gas Prices 20% Amid Falling Global Rates
- Gas price cut may hurt cash flows at ONGC, Reliance Industries
- Domestic price cut to $3.06 per million British thermal units
An Indian Liquid Petroleum Gas (LPG) vendor carries gas cylinders on a cycle rickshaw outside a depot in New Delhi on February 29, 2016.
Photographer: SAJJAD HUSSAIN/AFP/Getty ImagesThis article is for subscribers only.
India cut the price of locally produced natural gas by 20 percent for the six months beginning April 1 in line with the fall in global prices.
Domestic gas prices will be cut to $3.06 per million British thermal units based on the gross heat value, the oil ministry’s Petroleum Planning and Analysis Cell said in a statement on its website. The government had fixed the price at $3.82 per million Btu for the previous six-month period. This is the third straight cut since April 2015.