The government on Wednesday
Sep 30,2015 announced a price reduction of almost 16 % on net.
From October 1,2015 domestically produced natural gas price will be at $4.24
a unit on net value for the next six months.
This is slightly lower
than what it was during the government controlled (administered price
mechanism) regime at $4.66 a unit.
There was speculation if the government would reduce the price for
domestically produced gas in sync with the global trend as the worst hit
will be its own exploration major — ONGC.
A government notification said the revised price will be $3.82 per
million British thermal unit (mBtu) on a gross calorific value basis (or
$4.24 a unit on net) for October to March 2016 (value of the gas is
measured based on its heat).
This is the third revision since the gas
price was deregulated in November 2014
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