Doing so would allow KG gas to be sold at the import price for liquefied natural gas.
If approved, this would mean KG gas could be sold at over three times its current price.
"We are asking for what we are entitled to.
"The pricing needs to be economical.
"It should give us sufficient return on costs and all the risks," said a senior RIL executive.
The market price could be lower if LNG prices fall, he added.
If the government agrees, it will be a first where any country's domestically produced gas is priced equivalent to LNG rates, analysts said." Because of the costs involved in converting gas into liquid form at minus-zero temperatures and shipping it before regasifying, LNG is priced higher than domestic gas.
The current $4.2 price had been arrived through a formula linked to the Brent crude oil price.
While setting it, the government had capped the crude price at $60 and fixed it for five years from the start of production.
This period ends on March 31, 2014.
Though the company has been seeking a revision in the price, the government has not agreed.
Besides pricing, RIL and the government have differences over the minimum work programme for the field, that has seen its gas production falling.
Gas volumes have fallen to 27million standard cubic metres per day (mscmd), against the 62 mscmd committed by RIL.
The RIL executive said decline in output had primarily happened due to water ingress and approvals had been soughtto carry out procedures like workovers and side-tracking
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