Kirit Parikh panel suggests floor and ceiling price for gas

02 Dec 2022 CW Team

On Wednesday, a government-appointed gas price review panel led by Kirit Parikh delivered its report to the government, recommending a floor and ceiling price for legacy fields as well as complete pricing freedom beginning January 1, 2026.

A fixed pricing band for gas from legacy fields, which account for two-thirds of all natural gas produced in the country, would ensure a predictable pricing regime for producers while also lowering prices of CNG and piped cooking gas, which has risen by 70% since last year due to an increase in input costs.

The panel suggested that the price of gas produced by state-owned firms from fields given to them on a nomination basis be linked to imported crude oil prices rather than benchmarked to gas rates in international markets, according to Parikh, who added that the rates thus arrived at would be subject to a floor and ceiling.

The panel agreed that there should be no changes to the existing pricing formula for fields with difficult geology,

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