India expected to cut natural gas price by 14%
Reduction in government-set price tracks global decline, will deal potential blow to Reliance, ONGC
New Delhi
INDIA will probably reduce the price of natural gas next month by about 14 per cent, dealing a potential blow to explorers Reliance Industries Ltd and Oil & Natural Gas Corp (ONGC).
The government-set price will track a global decline and fall to less than US$4 per million British thermal units (mmBtu) for October till March from US$4.66, the average of 12 industry estimates in a Bloomberg News survey shows. India reviews the cost half-yearly, using a formula capturing international trends.
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