The Cabinet is likely to take a call on the revision in natural gas prices on Thursday

The incremental revenue for every $1 rise in natural gas prices would be Rs 706.7 crore, while the government would suffer a subsidy loss of Rs 3,155 crore on fertiliser, according to a Cabinet Committee on Economic Affairs (CCEA) note.

Gujarat government company GSPC has asked the central government to approve its plans to sell natural gas from a field in KG basin at $13-14, three times the current gas price.

Petroleum and Natural Gas Minister Veerappa Moily, on Tuesday, said various state-run companies in the oil and gas sectors had initiated talks with international players to buy as much as 20 millio

Ennore Port will be able to lease 5.2 lakh sq m of land to a joint venture led by IOC for setting up a LNG storage and regasification plant at the port.

Domestic gas prices may be fixed at $2 lower than the $8.8-per-unit price discovered by the Rangarajan commitee constituted to suggest changes in the production-sharing contract and future domestic gas-pricing mechanism.

Sources said the oil ministry agreed to the basic principle of gas pricing suggested by the panel, but wants it to be modified slighty to also take into account gas prices in countries such as Malaysia, Saudi Arabia, Qatar and Nigeria that account for a major portion of India's liquified natural gas imports.

Rs 60,352-cr impact on power, urea makers; FinMin comes up with its own formula

Even before an empowered group of ministers starts deliberating on a revision in natural gas prices, the finance, power and fertiliser ministries have raised a red flag on the recommendations of the Rangarajan panel. Only the Planning Commission seems to be in agreement with the committee’s proposal to use a proposed formula as “an interim or transitional solution” till March 2017.

While rejecting the formula suggested by the Rangarajan Committee on gas pricing, the Finance Ministry has asked the Petroleum and Natural Gas Ministry to place before the Empowered Group of Minist

The proposal for the doubling of natural gas price made by the Rangarajan committee has the oil and power ministries at loggerheads.

The company finds hoards of buyers willing to pay a rate equivalent to what India pays to Qatar for importing LNG

After Reliance Industries Ltd, GSPC, the firm floated by Narendra Modi government, plans to sell natural gas from its KG basin fields at imported LNG rate of $14.2 per mmBtu. In a nearly month-long, elaborate market price discovery exercise, Gujarat State Petroleum Corp (GSPC) found hoards of buyers willing to pay a rate equivalent to what India pays to Qatar for importing gas in its liquid form (LNG).