Govt doubles price of gas by ONGC and Oil India; price of CNG may rise - Economic Times

NEW DELHI: The government has doubled the price of natural gas produced by ONGC and Oil India from nomination blocks that will make the fuel used in automobiles and households in Mumbai and National Capital Region of Delhi costlier by 20-35%.

Visit http://axa-equitable-life-insurance.itpatil.com/ for AXA Equitable Life Insurance Blog, News and Reviews.

The government raised administered price mechanism (APM) gas price to $4.20 per unit at par with Reliance Industries’ KG-D6 gas price, discovered on the basis of market principles. The $4.2 per unit price is already approved by an empowered group of ministers. APM gas is a term used for gas blocks awarded to state-run energy firms on nomination basis. The government raised administered price mechanism (APM) gas price to $4.20 per unit at par with Reliance Industries’ KG-D6 gas price, discovered on the basis of market principles. The $4.2 per unit price is already approved by an empowered group of ministers. APM gas is a term used for gas blocks awarded to state-run energy firms on nomination basis. “The price of compressed natural gas (CNG) may increase by 20%, but will depend from city to city,” said joint secretary in the ministry of petroleum & natural gas Apurva Chandra.

Full Story: Govt doubles price of gas by ONGC and Oil India; price of CNG may rise - Economic Times