The Union Cabinet on Thursday approved a revision in the formula for pricing of natural gas and imposed cap or ceiling price to help cut CNG and piped cooking gas prices by up to 10 per cent.
India will lower prices of gas produced from old blocks to $6.50 per million British thermal units (mmBtu) from Saturday as the federal cabinet approved the recommendations of a gas panel report, the information minister said on Thursday, a move aimed at reining in inflation.
The Oil Ministry has stopped making a new allocation of natural gas from domestic fields to the city gas sector, threatening the viability of Rs 2 lakh crore investment planned in the sector besides leading to a hike in CNG and piped cooking gas prices to record levels, sources said.
The Oil Ministry has stopped making fresh allocation of natural gas from domestic fields to the city gas sector, threatening the viability of Rs 2 lakh crore investment planned in the sector besides leading to a hike in compressed natural gas (CNG) and piped cooking gas (PNG) prices to record levels