New Delhi : The Oil Ministry approached the Election Commission for approval to announce near doubling of natural gas prices to about USD 8 from next month.

 The Cabinet Committee on Economic Affairs (CCEA) had in December last year decided to price all domestically produced gas by both public and private sector firms at an average price of LNG imports into India and benchmark global gas rates from April 1, 2014.

The new rates will change every quarter based on 12-month average of global rates and LNG import price with a lag of one quarter.

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Free Press Journal