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The price of domestic natural gas has been increased to $8.17 per million metric British thermal units (mmBtu) for March from $7.85 in the previous month, the oil ministry said in a notification.
The domestic natural gas price, however, will continue to remain at $6.5 for the month, as per the formula used for the calculation of prices.
According to the new gas pricing mechanism, domestic gas prices are now subject to a floor and ceiling of $4 per mmBtu and $6.5 per mmBtu, respectively. The price stood at $6.5 per mmBtu in January and February as well.
The domestic gas price notified by the government applies to the natural gas produced from the legacy and oil fields of Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Limited (OIL).
Under the new pricing regime, domestic gas pricing is linked with imported crude pricing and would be at 10% of the Indian crude basket. The prices are revised every month.
The new pricing formula kicked in after a government-appointed panel led by energy expert and former Planning Commission (since renamed NITI Aayog) member Kirit Parikh recommended several changes in gas pricing to insulate domestic players and consumers from the volatility in global markets.
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