March 29, 2019 / 7:43 AM / 3 months ago

India raises natural gas price for April-September by about 10 pct to $3.69/mmBtu - source

A gas station attendant stands next to a vehicle as he fills it with compressed natural gas (CNG) in New Delhi, India, April 26, 2018. REUTERS/Adnan Abidi/Files

NEW DELHI (Reuters) - India has raised the price of its locally produced gas by about 10 percent to $3.69 per million metric British thermal units (mmBtu) for the April-September period, compared with the previous six months, a source aware of the development said.

India has also set the ceiling price for gas to be produced from difficult fields at $9.32 per mmBtu for April-September, up about 21.5 percent from $7.67 per mmBtu in the previous six months, the source told Reuters on Friday.

The government will formally announce the revised prices later in the day, the source said.

The prices will be applicable on gross heat value basis. The increase in natural gas prices means higher prices for gas for fertilizers, automobiles and households.

Higher gas prices, however, will lead to higher earnings for state-owned Oil and Natural Gas Corp Ltd and Oil India Ltd.

Reporting by Nidhi Verma; Writing by Swati Bhat; Editing by Subhranshu Sahu

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