State-run Oil and Natural Gas Corporation (ONGC) on Friday said that its revenue would be hit by around Rs 7,000 crore due to a low gas price of $1.79 per million metric British thermal unit (mmBtu).
To tide over this crisis, the government is mulling options to revise the pricing formula and a committee is looking into it, ONGC chairman and managing director Shashi Shankar told the media on Friday. “Our average cost of production comes to around $3.6-3.7 mmBtu. At the current price, we are losing around $2 per mmBtu, which will lead to an annual loss of around Rs 7,000 ...
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