C Rangarajan, Prime Minister's Economic Advisory Council Chairman, is studying the proposed formula of Reliance Industrials Limited for fixing the natural gas price.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
Analysing the RIL pricing, senior officials who are looking into the matter said the end price of $4.33 per million British thermal units is affordable compared with the current rates of natural gas in domestic and global markets.
There have been some reservations on the RIL's formula concerning the value of gas in which almost 97% in the formula is the fixed component.
RIL's formula has to get an approval either from the government or from the regulator in terms of production sharing