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 $9.92 per million British thermal units (mmBtu), 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.
