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Home / Economy & Policy / News / OilMin accepts all major Kirit Parikh panel recommendations on gas pricing
OilMin accepts all major Kirit Parikh panel recommendations on gas pricing
Final cabinet note being prepared, but Finance Ministry yet to submit comments on key issues
New Delhi
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The committee was formed to review the existing pricing formula for domestically produced natural gas in the country
The Petroleum and Natural Gas Ministry has accepted the main recommendations of the Kirit Parikh committee on natural gas pricing, and will be further recommended by them to the Cabinet soon, several officials said. The move is expected to have a significant impact on the energy sector, as the price of natural gas will likely increase.
The recommendations of moving to a purely market-determined natural gas pricing system in the next four years, and instituting a ceiling price at $6.5 MMBtu (metric million British thermal unit) and float price at $4 per MMBtu for domestic natural gas prices till then, have been accepted without any change, officials said.
The suggestion of a new pricing formula to be linked to 10 per cent of crude prices has also been approved but is pending approval by the Finance Ministry, they added.
Back in December, last year, the Committee had called for a completely free, market-determin
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Topics : natural gas | Oil Ministry | energy sector
First Published: Mar 19 2023 | 10:06 AM IST
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