Govt revises gas prices to $8.4 from April 1 next year

In a first revision of gas prices in three years, government has approved near doubling of natural gas prices to USD 8.4 from April 1 next year, a move which will result in rise in power tariff, urea cost and CNG prices.

The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Manmohan Singh approved Oil Ministry's proposal to price all domestically produced natural gas as per a complex formula suggested by a panel headed by Prime Minister's economic advisor C Rangarajan.

The pricing applies uniformly to all producers, and as per Rangarajan formula will come into effect from April 1, 2014 and would be applicable for five years.

Read more about: gas
Story first published: Friday, June 28, 2013, 9:20 [IST]
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