New Delhi: The Union Cabinet on Thursday approved a new formula for fixing the price of natural gas. Along with this, a maximum limit has also been fixed on the prices of CNG and pipe-supplied LPG, due to which their prices are going to decrease by 10 percent. Information and Broadcasting Minister Anurag Thakur also gave this information after the cabinet meeting. In this regard, he has said that the cabinet has approved the base price of $4 per MMBTU for APM gas and has approved the ceiling price of $6.5 per MMBTU.
He said that natural gas produced from conventional or old fields, known as APM gas, is now going to be linked to crude oil prices in surplus countries like the US, Canada, and Russia. Earlier, their pricing was done on the basis of gas prices.
After this decision, from April 1, the price of APM gas will be 10 percent of the price of crude oil in the Indian basket. However, this price will not exceed $6.5 per million British thermal units (MMBTU) and will not happen. The current gas price is $8.57 per MMBTU.
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