The rate for gas produced from difficult fields will be $5.61 mBtu on gross calorific value basis.
This will be the second reduction in six months and will reduce rates to the lowest in two-and-half-years
Compressed natural gas (CNG) sold to automobiles has been reduced by Rs 1.90 per kg in Delhi and by Rs 2.15 per kg in Noida, Greater Noida and Ghaziabad, the company said in a statement
The decline in natural gas revenue and earnings will have a limited effect on ONGC's metrics for fiscal 2020
ONGC has long complained that gas price is unremunerative and it incurs the loss on the business
The increase in price will boost earnings of producers like Oil and Natural Gas Corp (ONGC) and Reliance Industries but will also lead to a rise in CNG price, which uses natural gas as input
Due to a drop in international prices, the domestic prices, too, dropped since then
More than double of $3.06 new notified price for natural gas produced from other fields