Govt approves revised domestic gas pricing, imposes cap to control CNG, piped cooking gas rates
1 min read . Updated: 06 Apr 2023, 09:45 PM IST
PremiumThe revised guidelines will ensure a stable pricing regime for domestic gas consumers, provide adequate protection to producers from adverse market fluctuation
The Union Cabinet on Thursday has approved revised guidelines for domestic gas pricing, with natural gas prices set at 10% of the monthly average of the Indian crude basket, in a significant decision.
Addressing a press conference after a meeting of the union cabinet, Information and Broadcasting Minister Anurag Thakur said monthly notifications will be implemented to ensure stable pricing in the regime and offer adequate protection to producers against adverse market fluctuations.
Anurag Thakur said the revised guidelines are designed to establish a stable pricing regime for domestic gas consumers, safeguard producers against adverse market fluctuations, and incentivize increased production.
The guidelines will be applicable to the gas produced from nomination fields of ONGC/OIL, new exploration license policy blocks (NELP) and pre-NELP blocks.
The new guidelines will come into force from Saturday.