India Raises Domestic Gas Rates on Surging Overseas Prices
- India raises gas price by 62% to $2.9/mmBtu from Oct. 1
- New gas rates to boost income of ONGC, Oil India, Reliance
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India increased the price of natural gas produced from domestic fields for the first time in two years due to skyrocketing prices overseas, putting more pressure on industries in the wake of the Covid-19 pandemic.
The price of gas produced from fields awarded to state explorers has been increased by 62% to $2.9 per million British thermal units, according to the oil ministry’s Petroleum Planning & Analysis Cell. It also raised the ceiling price for gas produced from difficult fields such as Reliance Industries Ltd.’s KG-D6 block by 69% to $6.13/mmBtu.