Oil India hits 31-month high; ONGC at 52-week high on gas price hike

Domestic natural gas prices have been hiked by 62% to $2.9/ mBtu for the October 2021 to March 2022 period

Shares of oil exploration & production (E&P) companies continued their north-bound journey, gaining by up to 3 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market on the back of 62 per cent hike in domestic natural gas prices.

The price of domestic-produced natural gas has been hiked to $2.9 per million British thermal units (mBtu) for the October 2021-March 2022 period on Thursday. The ceiling price of natural gas produced from deepwater, ultra-deepwater, and high pressure-high temperature (collectively called difficult) discoveries has also been hiked to $6.13 per mBtu. The hikes follow a