Gas price for Reliance-bp cut by 3% to $9.72/MMBtu for 6 months

Rates for gas from legacy fields, however, remain unchanged at $6.75 per million British thermal unit

- OUR CORRESPONDENT

The ceiling price that Reliance Industries and its partner BP Plc, as well as operators, can charge for the natural gas they produce from deep-sea and difficult fields has been cut by 3 per cent to $9.72 per MMBtu for six months starting October 1, an official order said.

Rates for gas from legacy fields, however, remain unchanged at $6.75 per million British thermal unit.

Two different formulas govern rates paid for gas produced from legacy or old fields of national oil companies like ONGC and OIL, and for newer fields lying in difficult-to-tap areas like deepsea.