Increase in natural gas prices : According to Kirit Parikh formula, domestic natural gas prices have increased for the month of October. Domestic natural gas price has increased from $8.60/MMBTU to $9.20/mBtu. However, the maximum price of APM gas will remain at $6.5/MMBTU. The new rates are effective from October 1 to October 30. Let us tell you that the price of domestic natural gas is fixed every month.
The increase in prices affects the steel, petrochemical, fertilizer and power sectors. Let us tell you that India imports 55 percent of its natural gas requirement. US, Russia, Qatar, UAE are major suppliers which provide liquefied natural gas to India. Domestic LNG comes from ONGC.
common man will be affected
The hike is expected to impact end consumers as city gas distribution comp.es increase the prices of compressed natural gas (CNG) as well as piped natural gas (PNG), commonly known as cooking gas. There is a possibility of doing. ,
This is how the price of natural gas is decided
Under the new formula, the price of domestic natural gas will now be decided on the basis of the price of Indian crude basket. Earlier, the price of domestic natural gas was decided based on the price of the world’s four major gas trading hubs – Henry Hub, Albany, National Balancing Point (UK) and Russian gas.