Gas price cut by over 12%

Domestic natural gas prices were cut by 12.5 per cent to $3.23 per million British thermal unit (mBtu) for the six-month period beginning October 1 from $3.69 at present.

This is the first reduction in rate since April 1, 2017.

Simultaneously, the government has cut the price of gas produced from difficult fields by 9.5 per cent to $8.43 per mBtu from $9.32 per mBtu, according to a notification by the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

Prices of natural gas are set every six months — on April 1 and October 1 each year.