NEW DELHI: Kirit Parikh committee constituted by the government to review gas prices has favoured paying ONGC and OIL a premium of 20 per cent over such price for any new gas production they add from old fields.
The panel, which submitted its report to the oil ministry last week, has recommended benchmarking price of natural gas produced from ONGC and OIL’s legacy or old fields, called APM gas, at 10 per cent of cost of crude oil imported into India.
This rate would however be subject to a ceiling or cap price of $6.5 per million British thermal unit, until a full deregulation of prices is implemented in 2027. There would also be a floor of $4 with a view to cover for cost of production and at the same time keeping cost for fertilizer, power and CNG, which use gas as input raw material, at manageable levels.
The basket of crude oil India imports averaged about $83 per barrel in December. Going by recommendation of the committee, the price for APM gas, which makes up for 60 per cent of all gas produced in the country, should be $8.3 per mmBtu (10 per cent of imported oil price). But ONGC and OIL will be paid only $6.5 in case the recommendation for ceiling and cap price of the committee is accepted by the Cabinet headed by Prime Minister Narendra Modi.
APM gas is currently priced at $8.57 per mmBtu using a formula that uses weighted average rates in gas-surplus nations such as the US, Canada and Russia.
هذه القصة مأخوذة من طبعة December 05, 2022 من Millennium Post Delhi.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 05, 2022 من Millennium Post Delhi.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
'I'm the first Jaideep Ahlawat'
The Paatal Lok’ star said that acting aspirants should quit complaining about nepotism
Coco Gauff reaches French Open semi-finals in doubles; Paolini, Bopanna-Ebden duo advance
Coco Gauff reached the French Open semi-finals in doubles on Wednesday, a day after getting that far in singles.
India open T20 WC campaign with eight-wicket win over Ireland
Skipper Rohit Sharma’s freak upper arm injury came as a dampener but India’s four-pronged pace attack was too deadly for an out-of-depth Ireland during a walk-in-the park eight-wicket victory in their opening game of the T20 World Cup here on Wednesday.
Slim majority for BJP poses challenges to reforms agenda, say Rating agencies
Fitch Ratings and Moody’s Ratings speak about implication of Modi-led BFP losing its majority
Coal India's contribution to govt exchequer drops 2.2% to Rs 9,560 crore in April-May
Total levies paid to the government in May went up to Rs 4,763.20 crore from Rs 4,716.5 crore paid in the corresponding month of FY23
Indian-origin astronaut Sunita Williams flies to space for 3rd time
Indian-origin astronaut Sunita Williams flew to space for the third time on Wednesday along with a colleague, scripting history as the first members aboard Boeing's Starliner spacecraft on a 25-hour flight to the International Space Station.
Israel bombs Gaza as mediators to discuss truce-hostage plan
Israel’s military pounded central Gaza with heavy air strikes on Wednesday as US, Qatari and Egyptian mediators planned to resume talks on a truce and hostage release deal.
LS poll results big mandate against Modi, says Congress
Modi boasts about third term despite fewer seats, says Ramesh
Assam flood situation improves, but 2.5L people still suffering
The flood situation in Assam improved on Wednesday although one more person lost his life due to drowning, while nearly 2.5 lakh people were still reeling under the deluge across eight districts, an official bulletin said.
Uttarkashi: Nine members of trekking team die
Nine members of a trekking team have died while six have survived after being trapped due to severe weather conditions on their way to Sahastra Tal in Uttarkashi in Uttarakhand, according to the IAF which carried out a rescue operation on Wednesday.
