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Domestic natural gas prices raised for October, marking the second consecutive monthly price hike

The price has been increased to $9.20 per mmBtu (million British thermal units) from $8.60 per mmBtu in September.

Domestic natural gas prices raised for October, marking the second consecutive monthly price hike

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  1 Oct 2023 3:34 AM GMT

NEW DELHI: The Union Ministry of Petroleum and Natural Gas announced an increase in the price of domestic natural gas for the month of October, marking the second consecutive monthly price hike.

The price has been increased to $9.20 per mmBtu (million British thermal units) from $8.60 per mmBtu in September.

The increase in domestic natural gas prices is likely to lead to an in crease in the prices paid by con-sumers for Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) as gas distribution companies may pass on the higher costs.

This price adjustment comes under the new formula which links the domestic natural gas price to cur-rent price of the Indian crude basket.

The earlier formula was based on the prices of four major global gas trading hubs.

The new pricing mechanism was introduced on the recommendations of an expert committee consti-tuted by the government in October 2022 to align natural gas prices more closely with current market dy-namics. Under this new formula, the price of domestic natural gas is adjusted every month. (IANS)

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