ONGC Gas Price To Be Capped At 6.5 Dollar For Five Years No Change In Reliance Industries Limited Ril BP Price | NewsBust ONGC Gas Price To Be Capped At 6.5 Dollar For Five Years No Change In Reliance Industries Limited Ril BP Price | NewsBust

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ONGC Gas Price To Be Capped At 6.5 Dollar For Five Years No Change In Reliance Industries Limited Ril BP Price

By Amit - November 29, 2022

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Sources said that city gas will get top priority in the allocation of gas.

New Delhi:

A price cap can be imposed for five years on natural gas coming out of old fields by public sector companies. The gas price review committee appointed by the government under the leadership of Kirit Parekh has recommended this. This will be done to bring down the prices of CNG and LPG coming from the pipeline. Public sector companies Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) have now been paid a minimum price of $4 per million British Thermal Unit (per unit) and a maximum of $6.5 as against the current rate of $8.57. Will go. Three sources related to this matter have given this information.

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However, the pricing formula for gas coming out of difficult fields will not be changed. This pricing arrangement is applicable to the KG-D6 field of Reliance Industries Limited (RIL) and the difficult fields of its UK partner BP PLC.

The Parekh committee was tasked with making suggestions to ensure “a market-oriented, transparent and reliable pricing regime to promote a gas-based economy in India”. The committee also had to decide that the end consumer gets gas at a reasonable price. He said that the minimum and controlled price will be for five years and it will be reviewed every year.

This will ensure that prices do not fall below the cost of production like last year or even rise to record highs like the current rates. Sources said the concerns of investment in exploration and production (E&P) would also be addressed based on the recommendations of the committee. can be overcome. He said that market-based pricing will encourage new investments and global companies will come here.

Along with this, sources said that urban areas will get top priority in the allocation of gas. The sector will be in the ‘zero cut’ category, which means in case of fall in generation the supply to other consumers will be cut first. The committee headed by former Planning Commission member Kirit S Parekh is finalizing its report . It will be handed over to the government in the next few days. At the same time, after reviewing these recommendations, the Petroleum Ministry will send it for the approval of the cabinet.

(This news has not been edited by NewsBust India team. It is published directly from syndicate feed.)

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