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Cabinet Consider To Impose Price Caps On Natural Gas
The Russia- Ukraine crisis has led the increase in the global energy price to USD 8.57 per million British thermal units for gas
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The Union Cabinet is considering putting a ceiling price for most of the natural gas produced in the country to keep input costs for users ranging from CNG to fertiliser companies in check. Natural gas is used as CNG for automobiles, cooking in household kitchens, making fertilisers and used to generate electricity
The Russia- Ukraine crisis has led to an increase in the global energy price to USD 8.57 per million British thermal units for gas.
According to the sources, these rates are due to revision on 1 April. Going by the current formula, prices of gas from legacy fields are slated to climb to USD 10.7 per mmBtu with minor changes in rates for gas from difficult fields.
Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), and for newer fields finding difficult to tap areas such as deepsea to produce the gas.
Rates of CNG and piped gas for kitchens have already jumped 70 per cent because of previous gas price hikes and would climb further if rates get revised.