Domestic gas prices may fall further in October

CNG and piped natural gas prices could fall further this festive season, with price of domestically produced gas expected to come down in October by about 20 per cent to less than $2 per million British thermal unit.

Sources in the government said that Covid-19 has severely impacted demand conditions in the market and has also affected gas prices globally. Gas prices have fallen by over 50 per cent in last few months and continued to remain suppressed.

This has paved the way for further reduction in domestic gas prices that are revised twice every year – on April 1 and then on October 1. Following global developments, prices had already fallen sharply in last two revision cycles and if the trend continues, it would be third consecutive cycle of gas price fall in the country.