CNG and PNG prices may come down. A price cap may be fixed for natural gas coming out of old fields of public sector companies. The Gas Price Review Committee, headed by Kirit Parekh, can recommend this. However, the pricing formula for gas coming out of difficult fields will not be changed.
Officials pointed out that the Kirit Parekh committee was tasked with making suggestions to ensure a market-oriented, transparent and reliable pricing regime to promote a gas-based economy in India. Officials said the committee may suggest two different pricing mechanisms for this. Oil and Natural Gas Corporation (ONGC) and Oil India Ltd. (OIL) may recommend fixing a price cap for gas coming out of the old field. Cost recovery in these areas has been going on for a long time. This will ensure that prices do not fall below the cost of production, as happened last year. Or even rise to record highs like current rates.
The report will be submitted to the government soon
This pricing arrangement applies to the KG-D6 field of Reliance Industries Ltd and its UK partner BP Plc's difficult fields. The rates for difficult areas are $12.46 per mmBtu (per unit) from October 1. The committee, headed by former Planning Commission member Kirit S Parekh, is finalizing its report. Officials said it would be handed over to the government in the next few days.
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