Govt may hike ONGC, OIL gas prices by 30 pc: Petroleum Secy - Economic Times

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NEW DELHI: The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.

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NEW DELHI: The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday. "I am told by the (Petroleum) Minister (Murli Deora) that the issue is in the final stages of decision making in the government. We expect a decision soon," he told reporters on the sidelines of the 6th Asia Gas Partnership Summit in New Delhi.

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Price of gas produced by Oil and Natural Gas Corp (ONGC) and OIL from fields given to them on nomination basis were last revised in 2005. Current rates of Rs 3,200 per thousand cubic meters ($1.79 per million British thermal unit) are less than half of the $4.2 per mmBtu price of gas from KG-D6 field of Reliance Industries.

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