India lowers April-Sept gas prices by 8%

Locally produced gas in India will cost 8 per cent less during April-September, the government said in a statement on Tuesday, due to a decline in global prices.

India in November introduced a new gas-pricing formula and raised the local prices by a third.

The formula links the prices of locally produced gas with those in the United States, Canada, UK and Russia. Prices will be cut to $4.66 per million British thermal units (mmBtu) in the first half of next fiscal year from April on gross heat value basis.

It will cost about $5.18/mmbtu on a net heat value basis compared with $5.61/mBtu now.