The Centre on Monday hinted that the decision making process to hike the natural gas prices produced by state-run Oil and Natural Gas Corporation (ONGC) and Oil India Ltd. (OIL) by as much as 30 per cent was in the final stages.
Full Story: ONGC, OIL may get higher price for gas - The Hindu
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The Centre on Monday hinted that the decision making process to hike the natural gas prices produced by state-run Oil and Natural Gas Corporation (ONGC) and Oil India Ltd. (OIL) by as much as 30 per cent was in the final stages. “I have been told by Petroleum and Natural Gas Minister Murli Deora that the issue is in the final stages of decision making in the government. We expect a decision soon,'' Petroleum Secretary S. Sundareshan said on the sidelines of a summit here. The prices of gas produced by ONGC and OIL from fields given to them on a nomination basis were last revised in 2005. The current rates of Rs.3,200 per thousand cubic metres ($1.79 per million British thermal unit) were less than half of the $4.2 per mBtu price of gas from the KG-D6 field of Reliance Industries Ltd. (RIL).Mahindra vehicles diesel tanks
The Petroleum Ministry has already circulated a Cabinet note for hiking the price of gas under the administered pricing mechanism (APM) to Rs.4,142 per thousand cubic metres ($2.32 per mBtu). The price of gas under APM is proposed to be raised in stages to Rs.7,500 per thousand cubic metres or $4.2 per mBtu by 2013. Mr. Sundareshan said the government was weighing policy options to end differential pricing of natural gas that ranges from under $1 per mBtu (APM gas) to $5.73 per mBtu (for gas produced by BG Group-operated Panna/Mukta and Tapti fields).Oil Tanks India manufacturing facility.
Full Story: ONGC, OIL may get higher price for gas - The Hindu
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