- Economy
- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Healthcare
- Banking & Finance
- Entrepreneurship
- Energy & Infra
- Case Study
- Video
- More
- Sustainability
- Web Exclusive
- Opinion
- Luxury
- Legal
- Property Review
- Cloud
- Blockchain
- Workplace
- Collaboration
- Developer
- Digital India
- Infrastructure
- Work Life Balance
- Test category by sumit
- Sports
- National
- World
- Entertainment
- Lifestyle
- Science
- Health
- Tech
Government Hikes Gas Prices By 40%
The price hike will be reflected in higher rates for CNG and piped natural gas (PNG), which have seen over a 70 per cent increase in the last year.
Photo Credit :
The government on Friday hiked the prices of natural gas by a whopping 40 per cent in line with soaring international prices.
Gas produced from old fields, which make up for about two-thirds of all gas produced in the country, has been hiked to USD 8.57 per million British thermal units from the current USD 6.1, as per an order from the Petroleum Planning and Analysis Cell (PPAC).
Similarly, the order read that gas produced from newer fields has been hiked to USD 12.6 per million British thermal units from USD 9.92.
This is the third increase in gas prices since April 2019.
These price hikes will be reflected in higher rates for CNG and piped natural gas (PNG), which have seen over a 70 per cent increase in the last year.
Gas prices are revised every six months based on rates prevalent in gas surplus nations such as the United States, Canada, and Russia in one year with a lag of one quarter.
The price for October 1 to March 31 is based on the average price from July 2021 to June 2022, the period when global gas prices surged.