India has kept the regulated wholesale price of locally produced natural gas unchanged with effect from April 1, the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) said on March 31 in a statement. 

For the April 1-September 30 period, the price paid to most domestic natural gas producers will remain at $1.79/mn btu. The current price is the lowest in almost a decade. The price of locally-produced gas is set every six months.  

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The ceiling price for gas from difficult-to-exploit fields such as deep water, ultra-deepwater and high pressure-high temperature areas was, however, reduced to $3.62/mn btu from $4.06/mn btu, PPAC said. 

India’s domestic gas production has been stagnant in recent years and low prices have played a key role in that. To meet the demand shortfall, the south Asian nation imports LNG from producers such as Qatar, Russia, Australia and the US. India’s import dependency has consistently remained around 50%.