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As per the new government guidelines for fixing domestic natural gas prices, your bills may go down by up to 10 percent in the immediate term. But how long will it stay there?
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Domestic gas prices are currently at $8.57 per mmBtu as of April 1, with the adoption of the new pricing mechanism, gas prices are expected to see an immediate cut.
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The final decision on the recommendations may be slightly different from what it appears now, said a senior ministry official
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While the ceiling price recommended in the report submitted to the Oil Ministry is $6.50/mmBtu and it will be gradually raised by $0.50/mmBtu every year, Kirit Parikh told CNBC-TV18 in an exclusive interview.
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The government-appointed panel, which submitted its report on Wednesday, November 30, has recommended a floor price and a cap for gas from legacy and old fields.
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Report recommends market-determined prices for domestically produced gas from January 1, 2027.
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The panel, which was tasked with suggesting a "fair price to the end-consumer" while ensuring "market-oriented, transparent and reliable pricing regime for India's long-term vision for ensuring a gas-based economy", may opt to suggest two different pricing regimes, officials said.
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The committee under former planning commission member Kirit S Parikh will suggest a "fair price to the end consumer", according to an order of the oil ministry.
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Kirit Parikh says that policies should be obtained via a large social consensus and should be kept independent irrespective of the political group in power.
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Kirit Parikh states that though renewables have a large installed capacity, the contribution to energy consumption is much less compared to coal and doesn’t see renewables replacing coal anytime soon.
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OMCs have slashed diesel and petrol prices by Rs 2.25 and Rs 2.42 per litre, respectively, while the excise duty has been hiked by Rs 2 per litre
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In an interview to CNBC-TV18, RS Sharma, Former CMD, ONGC, and Kirit Parikh Ex-Head, Fuel Decontrol Panel & Former Member, Planning Commission, discuss on the implication of hike in excise duty of petrol and diesel.
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The Planning Commission has been replaced by a new institution named Niti Aayog or the National Institution for Transforming India.
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The government on Saturday has fixed new gas price at USD 5.61 per million british thermal unit (MMBTU), increased from USD 4.2 per mmbtu earlier, reports CNBC-TV18. It also reduced diesel price by Rs 3.37 per litre following decline in global oil prices in last few days.
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The oil ministry will be working both Saturday and Sunday to finalise the cabinet note in connection with fuel pricing as well as subsidy sharing. The urgency is being seen because of under recoveries on diesel.
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CNBC-TV18's special show 'Change India' highlights reforms and policy initiatives that can be taken by the next PM to transform the energy sector in the country.
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State oil companies review petrol prices every fortnight and adjust them, if need be, to align with trends in the international oil prices and the rupee-dollar exchange rate.
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Oil minister Veerappa Moily told CNBC-TV18 that his mission to save Rs 16,000 crore with his conservative plan is on track and with the cooperation of all the people in his ministry, things are going very well to his satisfaction.
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The price changes announced by oil companies are excluding local sales tax or VAT with effect from midnight on Thursday. The cut follows a fall in global crude prices.
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Experts do not see Kirit Parikh panel recommendations materialise on the back of upcoming inflations and the current economic environment.
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According to Kirit Parikh, Rs 5 diesel price hike would increase inflation rate in next quarter but six quarters down the line it will be reduce inflation considerably and will boost the GDP growth.
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ONGC CMD Sudhir Vasudeva told CNBC-TV18 that the company is in talks with ministries on reduction of subsidy burden.
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After the finance minister, now the comptroller and auditor general wants the oil marketing companies to switch over to export parity pricing of petro products, reports CNBC-TV18‘s Nayantara Rai.
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According to oil marketing companies (OMCs) switching to the EPP model will make them sick. They also fear that with this regime retaining foreign direct investment (FDI) would become difficult.
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In order to bring down the deficit by nearly Rs 15,000 crore, the finance ministry yesterday decided to change the pricing policy for petrol and diesel from "trade parity" to "export parity". The move is likely to reduce the selling price of fuels and impact the profitability of the already ailing PSU oil marketing companies.
