ONGC seeks govt stay on gas price revision scheduled for April 1

In a major development, Oil and Natural Gas Corporation (ONGC) has sent an SOS to the government seeking a stay on gas price revision scheduled for April 1. CNBC-TV18's Nayantara Rai learns that ONGC has asked the government to continue with existing gas price of USD 4.24 per unit. Sources say the company has asked to introduce floor price of USD 4.20 for gas price as prices below this level is unviable. As per the formula, gas prices may fall below USD 4 per unit. Meanwhile, ONGC has declined to comment on report seeking stay on gas price revision. Watch video for more