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The Petroleum Planning and Analysis Cell (PPAC), the pricing cell of the Ministry of Petroleum and Natural Gas, gave consumers of electricity and piped natural gas some reprieve.
On Tuesday, it slashed the price of domestically produced natural gas by almost 8 per cent to $4.66/unit (gas is measured in million British thermal units) on the back of weak international prices.
The new rate, calculated on the gross calorific value which measures the heat of the gas, will be applicable from April 1 for the next six months.
Domestically produced natural gas was priced 39 cents higher at $5.05/mmBtu till now.
Narendra Kumar, Managing Director, Indraprastha Gas Ltd (IGL), said the move will result in reduction in retail price of CNG and domestic PNG.
Indraprastha Gas is currently working out the net impact on retail prices and the revised price will be announced in a day or two.
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