Government sets up Kirit Parikh committee to moderate gas prices

The government has set up a panel to review the formula that dictates the pricing of gas produced by companies like ONGC NSE -0.72 % and Reliance NSE -0.49 % as it looks to moderate the steep increase that producers would have otherwise got. The committee under former planning commission member Kirit S Parikh will suggest a “fair price to the end consumer”, according to an order of the oil ministry.

The panel, which will include representatives of the gas producers association as also producers ONGC and OIL, has been asked to submit its report by the month-end.