New Delhi Oman has halved the price at which it will sell natural gas to an Indian fertiliser plant in the Gulf nation to $1.5 per mmBtu but has added an annual escalation clause.

Oman, which had previously proposed to raise rates of gas sold to OMIFCO’s urea manufacturing facility at Sur to $3 per million instead of present price of $0.77 per mmBtu, has revised its offer to charge $1.5 per mmBtu, sources in know of the development said.