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Natural gas prices cut by steep 26%, makes huge dent in ONGC revenues

The price of gas produced from difficult fields such as deepsea too has been cut to $5.61 from $8.43 per mmBtu now.

oil, oilfield, exploration, prices, petrol, crude oil, drill, natural gas, production, ongc, vedanta, cairn
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Press Trust of India
Natural gas prices on Tuesday were cut by a steep 26 per cent to its lowest rate since the pricing was made formula-driven in 2014, a move that is likely to translate into lower CNG and piped cooking gas prices but also make a huge dent in revenues of producers such as ONGC.

Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) said the bulk of India's existing gas production will be priced at $2.39 per million British thermal unit for the six-month period beginning April 1, down from $3.23 as of now.

This will be the second reduction in six months to

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First Published: Mar 31 2020 | 7:14 PM IST

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