ONGC gas price to be at $6.5 for 5 yrs, no change in Reliance-bp price
A government-appointed gas price review panel, led by Kirit Parikh, is recommending a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates.
State producers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum or floor price of USD 4 per million British thermal unit and a cap or ceiling price of USD 6.5 as against the current rate of USD 8.57, three sources with direct knowledge of the matter said.
The report, which calls for not tinkering with the existing pricing formula for difficult fields such as KG-D6 of Reliance Industries and bp plc,
