Oil and gas stocks fall as EC asks govt to defer gas price hike

Stocks

oi-Sunil

By Sunil Fernandes

Published: Tuesday, March 25, 2014, 10:27 [IST]

Oil and gas stocks fell as the Election Commission (EC) asked the government to postpone a decision to hike gas prices, which were due from April 1, 2014.

Reliance Industries was trading lower by 2.8 per cent, while ONGC was trading 2.7 per cent lower.

"After taking into account all relevant facts, including the fact that the matter is sub judice in the Honourable Supreme Court, the Commission has decided that the proposal may be deferred," the Mint Newspaper quoted an EC letter written to Oil Secretary.

Gas prices were slated for a revision with effect from April 1, 2014. Ever since the gas price hike was announced there has been an ongoing controversy. The AAP Party has sought a deferment, while CPI leader Gurudas Dasgupta has petitioned against the gas pricing formula.

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