Shares of city gas distributors advanced after the government cut domestic gas price cut by 12.5% to $3.23 a unit.
Meanwhile, the S&P BSE Sensex was up 182 points or 0.47% to 38849.28.
Adani Gas, (up 3.83%), Indraprastha Gas (up 1.40%) and Mahanagar Gas (up 0.50%) advanced. Gujarat Gas was down 0.82%.
The Ministry of Petroleum and Natural Gas has lowered the price of domestically produced natural gas to $3.23 per million British thermal unit (mBtu). This price will be applicable from 1 October 2019 to 31 March 2020. The new price is 12.5% lower than the $3.69 mBtu natural gas price for the 1 April 2019 to 30 September 2019 period.
The ceiling price allowed for gas to be produced from difficult fields has also been lowered to $8.43 a mBtu from $9.32 a mBtu. Domestic natural gas price in the country is governed as per the New Domestic Gas policy, 2014.
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