CHENNAI- India has increased the price of locally produced gas from old fields for October 2021-March 2022 to $2.90 per million metric British thermal units (mmBtu), the government said on Wednesday, amid an increase in global gas prices.
The new price represents a 62% increase from the April-September 2021 price of $1.79/mmBtu, which was the lowest since 2014.
India also increased the ceiling price for gas produced from more challenging fields to $6.13 per mmBtu for October 2021-March 2022 from $3.62 per mmBtu in the prior six-month period, the statement read.
The prices will be applicable on a gross heat value basis.
Natural gas prices affect earnings of state-run producers such as Oil and Natural Gas Corp Ltd and Oil India Ltd.
(Reporting by Sudarshan Varadhan Editing by Bernadette Baum) ((Sudarshan.Varadhan@thomsonreuters.com; +919810393152; Twitter: https://twitter.com/sudvaradhan @sudvaradhan;))