September 29, 2017 / 11:19 AM / in 20 days

India raises price of locally-produced natural gas to $2.89 mmbtu

REPRESENTATIVE IMAGE: Technicians work at an Oil and Natural Gas Corp's (ONGC) well in an oil field on the outskirts of Ahmedabad, India, September 8, 2016. Picture taken September 8, 2016. REUTERS/Amit Dave

MUMBAI (Reuters) - India has raised the price of its locally produced gas by 16.5 percent to $2.89 per million metric British thermal units (mmBtu) for the October to March 2018 period, compared with the previous six months, according to a government website.

India has also set the ceiling price for gas to be produced from difficult fields at $6.30 per mmBtu for the six months to March 2018 compared with $5.56/mmBtu for the April 2017 to September 2017 period, the website of the Petroleum Planning and Analysis Cell of the oil ministry showed on Friday.

The prices will be applicable on gross heat value basis.

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

Reporting by Promit Mukherjee; editing by Alexander Smith

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