NEW DELHI : Natural gas price in India touched the lowest rate on record after the government on Wednesday slashed the price by 25% to $1.79, denting revenues of producers like ONGC.
The price of gas, which is used to generate electricity, make fertiliser and CNG for automobiles, has been cut to $1.79 per million British thermal unit for six months beginning October 1 from the current $2.39, an order of the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) said.
This is the third straight reduction in rate in one year. The price was cut by a steep 26% to $2.39 in April.
