 "ONGC sees annual profit rising by Rs 8,000 cr on gas price hike")
State-run producer Oil and Natural Gas Corp expects to add about Rs 8000 crore in profits annually on account of the increase in gas prices, its finance head said on Friday.
On Thursday, the government approved a gas price hike for the first time in three years. Indicative pricing suggests domestic gas could rise to around $8.4 per mmBtu from April 1, 2014, compared $4.2 per mmBtu currently.
"We should see this increase provided other things remain the same and there are no conditions attached," ONGC Finance Director Aloke Banerjee said over the telephone.
ONGC gains about Rs 2000 crore for every $1 per mmBtu increase in gas prices, he said.
ONGC reported a net profit of Rs 33,8900 crore for the fourth quarter ended March.
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