Moily suggests new uniform gas pricing in range of $6-7 per mmbtu: Media Reports

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Union Minister for petroleum, Veerappa Moily today said that the ministry has recommended a uniform gas price in the range of USD 6-7 per million metric British thermal unit (mmbtu), as per the media reports.

Moily stated that this new recommendation, which is in line with a formula suggested by the Rangarajan panel, has been forwarded to the Cabinet Committee on Economic Affairs that will take a final decision on the issue.

"We have sent our proposal on the new uniform gas price to the Cabinet Committee of Economic Affairs, we are going by the recommendations made by the Rangarajan panel but the gas price that we have recommended is not as high as USD 8-8.5 per mmbtu but much lesser ...around USD 6-7," Moily told media.

The move is in line with Moily's earlier announcement to introduce bold reforms in the sector by introducing a new uniform gas price policy, thereby ensuring parity in prices of imported as well as domestically produced gas, the report added.

Read more about: moily
Story first published: Wednesday, May 29, 2013, 13:30 [IST]
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