ONGC (up 7.28%), Reliance Industries (RIL) (up 3.89%) and Oil India (up 2.97%), edged higher.
The BSE Sensex was up 292.97 points, or 1.55% at 19168.92.
The Cabinet Committee for Economic Affairs (CCEA) on Thursday, 27 June 2013, approved the proposal to hike the natural gas price to $8.4 per million metric British thermal units (mmbtu) from 1 April 2014. The CCEA has approved the Rangarajan committee's formula for gas pricing. The new price will apply uniformly to all producers.
CCEA further noted that Rangarajan committee's formula for gas pricing would be valid for five years and gas prices will be revised quarterly from 1 April 2014 onwards.
The natural gas prices have not been increased since past three years as the oil ministry faced stiff resistance from power and fertiliser ministry as it will result in rise in power tariff, urea cost and CNG prices.
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