India cuts natural gas prices by 12.5% for Oct-March period
The prices will be applicable on gross heat value basis
A technician works inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad, India, September 30, 2016/ Reuters
India has cut prices of locally produced gas for the October 2019-March 2020 period by 12.5% from the previous six months to $3.23 per million metric British thermal units (mmBtu), the government said in a statement.
It has also set the ceiling price for gas produced from more challenging fields at $8.43 per mmBtu for the same period, down about 9.5%, the statement showed.
The prices will be applicable on gross heat value basis.
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Lower natural gas prices mean reduced costs for gas for fertilizers, automobiles and households. They will also cut earnings for state-owned Oil and Natural Gas Corp Ltd and Oil India Ltd.
