If you also take gas cylinders every month and are troubled by the rising gas prices, then this news will surely give you relief. The government has constituted a committee to review the formula for determining the price of gas produced by major oil-producing companies like ONGC and Reliance. The Ministry of Petroleum and Gas has constituted this review committee under the leadership of Kirit S Parikh, a former member of the Planning Commission, by issuing an order. 

This committee formed by the government will give suggestions to gas consumers regarding the prices of gas. One representative each from private companies related to city gas distribution, public gas company GAIL India Limited, Indian Oil Corporation and Ministry of Fertilizers have also been included in this committee. In 2014, the government used the gas prices of gas surplus countries to find a formula to determine the price of domestically produced gas.

According to this formula, the price of gas was several times less than the cost of production till March 2022. But this rate has increased rapidly in the last few months after the start of the Ukraine war. The price of gas from old gas fields has doubled to $6.1 per unit (MMBTU) since April and is expected to surpass $9 per unit by next month.

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