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India says will not change domestic gas price formula
October 5, 2016 / 11:12 AM / in a year

India says will not change domestic gas price formula

MUMBAI (Reuters) - India will not change a domestic gas price formula which was set up in 2014, Oil Minister Dharmendra Pradhan said on Wednesday.

India's Oil Minister Dharmendra Pradhan speaks during an interview with Reuters in New Delhi, India, June 12, 2015. REUTERS/Anindito Mukherjee/Files

On Sept. 30, the government reduced the price of natural gas produced in India by 18 percent to $2.50 per million metric British thermal units (mmBtu) for the October to March 2017 period.

Rating Agency Fitch said in a note on Wednesday that while the lower gas prices will not significantly hurt the borrowing capacity of India’s second biggest state-owned exploration and production company Oil India Ltd, it will be selling natural gas at a loss.

Reporting by Nidhi Verma, editing by William Hardy

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