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    HomeNewsBusinessNatural gas prices to be marginally hiked for the first time in two years

    Natural gas prices to be marginally hiked for the first time in two years

    Premium gas price will also see a revision, rising to USD 5.80 per unit from the current USD 5.30 per unit.

    March 28, 2017 / 14:01 IST

    The government is likely to hike natural gas prices to USD 2.60-2.80 per unit from the current USD 2.50 per unit starting April 1, sources from the Oil Ministry told CNBC-TV18. This will be the first increase in gas prices in more than two years.

    Premium gas price will also see a revision, rising to USD 5.80 per unit from the current USD 5.30 per unit.

    The government had switched from the fixed price of USD 4.20 per unit to market pricing in 2014. Exploration firms have contested this change and have asked for a review of the gas formula. They have sought a fixed floor price.

    The new price will be fixed for six months starting April 1.

    Watch video for more.

    first published: Mar 28, 2017 02:01 pm

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