The government implemented changes to the pricing model of domestic natural gas in accordance with the Kirit Parikh committee’s recommendations on gas pricing. The new pricing system will announce prices monthly and link them to 10% of the international price of the Indian crude basket. As a result, prices for piped natural gas (PNG) and compressed natural gas (CNG) used by households, auto fuel, and various industries are expected to decrease by 10%.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The government has accepted all the significant recommendations of the Parikh panel and has established a floor price of $4 per MMBtu for the next two years to cover the cost of gas production by state-run companies ONGC and Oil India Ltd. Additionally, a ceiling price of $6.5 per MMBtu has been set.
The Union Cabinet approved significant changes in the pricing regime for domestic natural gas under the ambit of the Administered price mechanism (APM).
You may also read this:
Find More News Related to Schemes & Committees
India is set to play a pivotal role in facilitating the first-ever focused discussions on…
With a population exceeding 1.3 billion, India stands as a beacon of democracy, proudly holding…
Shri Ramesh Babu V. has taken the oath of office and secrecy as a Member…
Indian Oil Corporation Ltd. (IOCL) has marked a significant milestone by exporting its first-ever consignment…
Spain has officially become the 99th member of the International Solar Alliance (ISA). The Instrument…
Coconuts are a vital agricultural commodity for many tropical nations, offering diverse uses from culinary…