Natural gas gets cheaper; govt cuts price to USD 2.5mmbtu
DSIJ Intelligence / 01 Oct 2016
Government of India on Friday slashed gas prices to USD 2.5 mmbtu from October 1 to March 31, 2017. The cut in relative terms translates into natural gas becoming cheaper by more than 18 per cent.
Government of India on Friday slashed gas prices to USD 2.5 mmbtu from October 1 to March 31, 2017. The cut in relative terms translates into natural gas becoming cheaper by more than 18 per cent.
The price of natural gas is reset every six months in a fiscal, the price of the revised gas is reached after comparing it with the prices of natural gas in various other major countries.
The move is likely to bring down the prices of natural gas in the domestic markets which would add to festive cheers of the consumer at large. In recent years we have seen adoption of natural gas spread throughout the length and breadth of the country, therefore the ultimate beneficiary of this reduction would be borne by the consumers.
This would also lead to reduction in profits of oil and gas companies like ONGC, Reliance Industries, Oil India etc.It is widely expected that oil majors would announce the cut in prices of gas over the weekend.
Both the upstream and downstream companies in the oil and gas sector are likely to remain in focus when the markets open on Monday, October 3, 2016.
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