New Delhi: Natural gas prices in the country may come down to 1.9 to $ 1.94 per unit in October. This will be the lowest level of natural gas price in the country in more than a decade. With this, gas producing companies like Oil and Natural Gas Corporation (ONGC) can have a significant impact on revenue. These companies are already suffering significant losses on gas production.
Sources related to the case said that gas prices are to be changed from October 1. According to the revision in the benchmark rates of gas exporting countries, the price of gas will be reduced from 1.90 to 1.94 per million British thermal units (MMBTU). This will be the third consecutive reduction in gas prices in a year. Earlier in April, there was a big cut of 26% in gas prices, which reduced its price to $ 2.39 per unit.
Natural gas is used in fertilizer and power generation. It is also converted to CNG, which is used in vehicles. It is also used as a cooking gas. Gas prices are set every six months on April 1 and October.
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