Gas prices slashed by 25% to $2.39 per mBtu
The Centre has slashed domestic natural gas prices by 25 per cent to an all-time low of $1.79 per million British thermal unit (mBtu), severely impacting the revenues of state-owned ONGC and Oil India.
Prices were at $2.39 per mBtu between April and September.
The price of new gas from difficult fields such as deep-sea locations has also been cut to $4.06 per mBtu from $5.61, the oil ministry order said.
User industries such as electricity, fertiliser and CNG for automobiles will benefit from the cut.
This is the third straight reduction in rate. The price was cut a steep 26 per cent to $2.39 per mBtu in April.
