The government will double the price of natural gas produced by Oil and Natural Gas Corp (ONGC) to USD 4.20 per mmBtu, to help ONGC break even in gas business.
The oil ministry will soon move Cabinet note for raising price of the gas, produced by ONGC and OIL from fields given to them on nomination basis to rates equivalent to that produced from RIL’s KG-D6 fields.
Earlier the oil ministry had proposed to raise the APM gas price from USD 1.79 per million British thermal unit to USD 4.20 per mmBtu in phases over the next three years. The oil ministry had previously proposed an immediate 30 per cent hike in the price of gas produced by ONGC and OIL to USD 2.3 per mmBtu and in three more stages to USD 4.2 per mmBtu.
Source : Govt to take ONGC gas price to USD 4.20/mmBtu
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