India News : The Cabinet Committee for Economic Affairs (CCEA) on Thursday approved the proposal to hike the natural gas price to USD 8.4 per mmbtu (metric million British thermal units) from April 1, 2014.
The CCEA has approved the Rangarajan committee's formula for gas pricing. The new price will apply uniformly to all producers, be it state-owned firms like Oil and Natural Gas Corp ( ONGC ) or private sector Reliance Industries . While it was previously said the new rates would apply to regulated or APM gas produced by firms like ONGC immediately, the pricing as per Rangarajan formula will come into effect from April 1, 2014, just when RIL's KGD6 formula of USD 4.2/mmBtu runs out.
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