NEW DELHI: CNG and PNG will become costlier and input cost for fertiliser manufacturers will rise sharply as prices of natural gas produced from domestic fields will spike 50% to record levels if the government decides to carry out the scheduled revision on October 1 in spite of a committee reviewing the pricing formula to moderate consumer rates.
The impact of spike in global gas prices following the Russia-Ukraine conflict would push up the price of gas from legacy fields of ONGC and Oil India from $6.1 per unit to all-time high of $9 per unit (million British thermal unit). The price of gas from technologically challenging fields, which also enjoy marketing freedom, will spike from $9.9 per unit to $12 per unit.
Global spot market rates had shot up to $65 per unit, 4-5 times the normal, soon after the conflict.
