September 28, 2018 / 12:14 PM / 4 months ago

India raises natural gas price for October-March by nearly 10 percent to $3.36/mmBtu

A technician works inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

NEW DELHI (Reuters) - India has raised the price of its locally produced gas by nearly 10 percent to $3.36 per million metric British thermal units (mmBtu) for the October-March period, compared with the previous six months, a government website showed on Friday.

India has also set the ceiling price for gas to be produced from difficult fields at $7.67 per mmBtu for October-March, compared with $6.78 per mmBtu in the previous six months, the website of the Petroleum Planning and Analysis Cell of the oil ministry showed.

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 Nidhi Verma; Editing by Subhranshu Sahu

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