Reliance expects gas price to rise in Oct, wants removal of ceiling prices
Reliance Industries Ltd expects prices of natural gas in India to rise again in October but wants government-dictated caps to go, in a bid to align domestic rates with global energy prices.
The conglomerate, controlled by billionaire Mukesh Ambani, expects the price cap for its KG-D6 gas sales to rise over the current USD 9.92 per million British thermal units, Sanjay Roy, senior vice-president for exploration and production, said in an investor call following the announcement of the firm’s quarterly earnings on Friday.
After remaining a loss-making provision for several quarters, Reliance’s gas exploration business has begun reaping rewards of a global surge in energy prices that have already pushed the rates to a record high.
