Natural gas prices are likely to touch a record high of about $11 per million British thermal unit (mBtu) from October against $6.10 per mBtu at present because of a spike in demand at the global gas hubs, analysts said.
Prices are set every six months — October and April — on the basis of a formula linked to prices at some global gas markets.
The price of gas produced from old regulated fields, such as the nation’s largest field at Bassein of ONGC, will increase as it is linked to the formula.
