Earlier in October 2014, the government had approved raising natural gas price to USD 5.61 a million British thermal unit.

The government then ordered to revise the natural gas' price in every six months with the next revision being on April 1.

The NDA government had put in the new formula, which was an improvement over the Rangarajan formula by taking away indexation to the Japanese gas basket.

Any change in the natural gas prices will impact major producers, including Oil and Natural gas Corporation (ONGC) and Reliance Industries Ltd.

The price of natural gas in India is applicable to all gas produced from nomination fields of ONGC, and Oil India, New Exploration Licensing Policy (NELP) blocks, a few pre-NELP blocks and coal bed methane blocks.

Latest News  from Business News Desk