The panel recommended lower hike in natural gas price than what was approved during UPA regime
Representational Photo (DC)
New Delhi: The four-member panel of secretaries has submitted its report on new pricing mechanism for the natural gas produced within the country. The panel has reportedly recommended a lower hike in natural gas price than what was approved by the previous UPA regime. However, the content of the report has not been made public.
The petroleum ministry will study the report and is likely to prepare a cabinet note. Any increase in the gas price is likely to come only after state elections in Maharashtra and Haryana. In June, the Cabinet Committee on Economic Affairs (CCEA) had postponed the decision to hike the price of natural gas produced from domestic oil fields by three months.
After that a panel was constituted to study the issue.UPA government had acc-epted a C. Rangarajan committee formula which had sought to double the price of natural gas prices from domestic oil fields from 1 April 2014. Under this formula, gas prices would have increased from current $4.2 per million British thermal unit to around $8.4. However, the decision could not be implemented as the code of conduct set in due to general elections. The new government now has to take a decision on the pricing issue.
( Source : dc correspondent )
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