Govt lowers April-Sept gas prices by 8%

Govt lowers April-Sept gas prices by 8%

Fixes natural gas price at $4.66 per unit as compared to the current $5.05 per unit

Locally produced gas in India will cost 8 percent less during April-September, the government said in a statement on Tuesday, due to a decline in global prices.

India in November introduced a new gas-pricing formula and raised the local prices by a third. The formula links the prices of locally produced gas with those in the United States, Canada, UK and Russia.

Prices will be cut to $4.66 per million British thermal units (mmBtu) in the first half of next fiscal year from April on gross heat value basis.

It will cost about $5.18/mmbtu on a net heat value basis compared with $5.61/mBtu now.

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