India has revised the APM formula for legacy fields allocated to ONGC and OIL on a nomination basis. Prices for the next month will be 10% of the imported Indian crude basket
The prices were revised a day after the Union government announced a revised new pricing mechanism for the bulk of domestically-produced natural gas by state-run explorers
The Union Cabinet on Thursday approved new gas pricing guidelines, paving the way for linking natural gas prices in India to global crude prices.The Cabinet also approved a floor price of $4 per mmBtu and a ceiling of $6.50 per mmBtu under the Administered Price Mechanism.