Make free market for local natural gas: ONGC
New Delhi: The government should end all price control over locally-produced natural gas without which it would be hard to develop several fields and raise local output, ONGCNSE -3.73 % chairman Shashi Shanker has said after the domestic gas price slid 26% to record-low of $2.39 per unit, hammering the state-run firm already under pressure from 18-year-low oil prices.
“There is an urgent need to revisit the gas price formula and the price ceiling for gas from difficult fields. If we want to really raise domestic production and move towards a gas-based economy, we must permit a free market and do away with the gas price formula,” Shanker told ET.
