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Gas producers, distributors turn volatile after Govt hikes domestic gas prices

Capital Market 

Shares of gas producers and distributors were in action after the government raised the price of the locally produced gas for the period October 2021 to March 2022.

The Petroleum Planning & Analysis Cell (PPAC) said that the price of domestic natural gas for the period from 1 October 2021 to 31 March 2022, is fixed at $2.90 per million British thermal units (mmBtu) on gross calorific value (GCV) basis.

The prices have increased 62% compared with $1.79 per mmBtu set for the period of April-September 2021.

The gas price ceiling for the period from 1 October 2021 to 31 March 2022 is set at $6.13 per mmBtu on GCV basis. The ceiling has been set for the marketing including pricing freedom for gas being produced from discoveries in deepwater, ultra-deepwater and high pressure-high temperature areas.

The gas price ceiling is hiked by 69% compared with the ceiling of $3.62 per mmBtu set for the period of April-September 2021.

Meanwhile, the S&P BSE Sensex was down 341.49 points or 0.58% to 58,784.87.

Gail (India) (up 2.23%), Adani Total Gas, (up 0.41%), and Indraprastha Gas (up 0.03%) advanced while Gujarat Gas (down 1.88%) and Mahanagar Gas (down 0.07%) declined.

Meanwhile, ONGC (up 0.93%) and Reliance Industries (up 0.48%) advanced while Oil India (down 0.69%) declined.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 01 2021. 11:15 IST