India hikes prices of locally produced gas by 40%
India has increased the regulated wholesale prices of locally produced natural gas by 40% with effect from October 1, the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) said on September 30.
For October 1, 2022 to March 31, 2023 period, the price paid to most domestic natural gas producers will be $8.57/mn Btu, up from $6.1/mn Btu in the April 1 to September 30, 2022 period.
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PPAC also notified an increase in the natural gas prices from difficult-to-exploit fields such as deep water, ultra-deepwater and high pressure-high temperature to $12.46/mn Btu from $9.92/mn Btu.
The prices of locally-produced gas are set every six months through a formula linked to global rates, which have risen sharply in the last six months.