Finance ministry wants cap on natural gas price

The author has posted comments on this article PTI | Jul 10, 2013, 05.44PM IST NEW DELHI: Days after the Cabinet approved doubling of natural gas price from April next year, the finance ministry has written to oil ministry suggesting setting of a ceiling or an upper limit for the rates. Also, it wants Reliance Industries , which will be a big beneficiary of rates rising to $8.40 per million British thermal unit, be asked to sell the quantity it has failed to deliver as per its own targets during the past three years at current price of $4.2. The Department of Expenditure in the finance Ministry this month wrote to the Petroleum Ministry suggesting cap in rates as well as RIL being made to honour its commitment, an official in the finance ministry said. “We have forwarded concerns of the stakeholders to the oil ministry as suggestions,” he said. The Cabinet Committee on Economic Affairs on June 27 approved pricing of all domestically produced natural gas from April 1, 2014 at an average of the prices of imported liquefied natural gas (LNG) into India and the weighted average of gas prices in North America , Europe and Japan.

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