Domestic natural gas price has stayed unaltered at $1.79 per mmBtu while the rate for gas from difficult fields plunged 11% to $3.62 per mmBtu in the latest price revision by the government.
Oil producers such as ONGC, Oil India NSE 0.81 %, Reliance NSE 0.74 %, and BP have been clamouring for higher prices as they believe low prices discourage investments in new gas production. For ONGC, the current price of $1.79 per mmBtu is way below its average gas production cost of $3.75 per mmBtu. ONGC NSE 0.69 % produces most of the country’s gas output.
