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According to government sources, CNBC-TV18 has learnt that a committee led by C Rangarajan will be set up to help the government decide on gas pricing
The setting up of Rangarajan Committee coincides with Reliance Industries demand to the government to revise the USD 4.2/mmbtu gas price before its 2014 expiry and the law ministry opines that the government can increase the KGD6 price, reports CNBC-TV18.
The setting up the committee to look into all aspects of PSCs is also important considering that RIL has invoked arbitration against the government for a USD 1.2 billion penalty slapped against it for falling gas production, saying this is against its PSC.
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