Gas price hike deferred

Special Correspondent
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Petroleum and Natural Gas Minister Dharmendra Pradhan said on Wednesday the current rate of $4.2 per million British thermal units for domestic natural gas would continue till September-end. The new rate was to become effective from April 1.

Mr. Pradhan, speaking after Cabinet Committee on Economic Affairs meeting, said the committee was of the view that consultations with all the stakeholders were needed in the public interest.

Reliance Industries, the Centre’s contractor for the Krishna Godavari basin’s KG-D6 fields, had slapped an arbitration notice on May 9, 2014 over the delay in implementation of the notified higher rates.

The UPA government notified an upward price revision on January 10 this year, but had to keep the decision pending as the model code of conduct came into force in March. As per the notified pricing formula, the price of gas was to go up to $8.34 per million British thermal units.

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