Government fixes May domestic gas price at $8.90/mmbtu

03 May 2024 CW Team

The announcement made by the Petroleum Planning & Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas (MoPNG) states that the domestic natural gas price for May 2024 will be $8.90 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis.

According to the PPAC?s notification, a ceiling price of $6.50/mmbtu on a GCV basis will apply to gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) from their nomination fields for the same period.

It is mentioned in the notification that the pricing decision forms part of India's ongoing effort to effectively manage its natural gas sector and strike a balance between the needs of producers and consumers. The new price adheres to the guidelines outlined in the MoPNG's notification in April 2023, which established the framework for monthly price updates.

Key stakeholders, including the Directorate General of Hydrocarbons, ONGC, OIL, and GAIL, have been informed of the new pricing structure, ensuring a coordinated approach in managing India's natural gas sector.

The new pricing structure reflects India's endeavours to harmonise its energy policies with global standards while supporting domestic production and ensuring equitable pricing for all stakeholders. The government's monitoring of global energy markets, along with its policy framework, aims to stabilise pricing and sustain growth in the country's natural gas sector.

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