September 30, 2019 / 9:06 PM / 18 days ago

India cuts natural gas prices by 12.5% for Oct-March period

A technician works inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad, India, September 30, 2016. Picture taken September 30, 2016. REUTERS/Amit Dave

NEW DELHI (Reuters) - India has cut prices of locally produced gas for the October 2019-March 2020 period by 12.5% from the previous six months to $3.23 per million metric British thermal units (mmBtu), the government said in a statement.

It has also set the ceiling price for gas produced from more challenging fields at $8.43 per mmBtu for the same period, down about 9.5%, the statement showed.

The prices will be applicable on gross heat value basis.

Lower natural gas prices mean reduced costs for gas for fertilizers, automobiles and households. They will also cut earnings for state-owned Oil and Natural Gas Corp Ltd (ONGC.NS) and Oil India Ltd (OILI.NS).

Reporting by Nidhi Verma; Editing by Jan Harvey

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