Panel seeks more time to prepare report on oil and gas pricing formula

The oil ministry’s Petroleum Planning and Analysis Cell has sought more time to review its gas pricing formula and form its report. According to a CNBC -TV18 report, the panel, under Kirit Parekh, was supposed to finalise its report by October 31.

​Sources privy to the matter told CNBC TV18 that the panel is seeking more time because it has been receiving numerous stakeholder representations. The source also shared that the panel emphasised the complexity and necessity of the report as it affects both the common man and the industry. It needs 7-8 days more to finalise the report.

It is also likely to recommend measures to increase domestic production of natural gas.

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"We are working with the key objective to provide gas at affordable rates for agriculture and household consumption", an anonymous source told the financial news channel.

The Ministry of Petroleum and Natural Gas had in September hiked the natural gas prices by a steep 40 percent  in sync with the strong energy rates globally.

As of now, the panel is yet to take a call on submissions from the automobile industry to lower CNG prices. CNBC TV-18's report cited that the panel is likely to send a combined report to the government after its finalisation.