India cuts April-Sept local gas prices by 20 percent to $3.06/mmbtu

REUTERS - Locally produced gas in India will cost about 20 percent less during April-Septemer compared with the previous six months, a source with knowledge of the matter said on Thursday, due to a fall in global prices.

Prices will be cut to $3.06 per million British thermal units (mmBtu) in the first half of the next fiscal year on gross heat value basis, the source, who is not authorised to speak to the media, told Reuters.

It will cost about $3.4 per mmBtu on a net heat value basis compared with $4.24/mmBtu in October-March, the source said.

(Reporting by Nidhi Verma; Editing by Gopakumar Warrier)