India expected to cut natural gas price by 14%
Reduction in government-set price tracks global decline, will deal potential blow to Reliance, ONGC
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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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