Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Budget & You Live : Real-Time Analysis Of All The FM’s Big Announcements
Budget 2023
Budget 2023

Domestic natural gas prices set to hit record high amid Russia-Ukraine crisis

In the latest revision in September 2021, the government had raised natural gas prices by 60 percent to $2.9 per mmBtu for the October-March period.

New Delhi / March 28, 2022 / 11:01 AM IST
Representational image

Representational image

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The government-determined price of natural gas is likely to more than double to $6.5 per metric million British thermal unit (mmBtu) later this week, which will the highest on record since the formula-based pricing mechanism came into effect in 2014, brokerage firm Antique Broking said in a note.

The government revises the price after an interval of six months. In the latest revision in September 2021, it had raised prices 60 percent to $2.9 per mmBtu for the October-March period.

The staggering rise in prices would likely result from a global rally in natural gas since the invasion of Ukraine by Russia in February. Prices in the US have soared 50 percent so far this year, and in Europe have risen 44 percent in the same period.

The surge came as several western economies imposed severe sanctions on Russia.