Domestic gas prices will increase beginning on October 1
For the month of October, the government raised the price of domestic natural gas from $8.60/mmBtu (Metric Million British Thermal Unit) to $9.20/mmBtu.
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On Saturday, the Ministry of Petroleum and Natural Gas announced a rise in the price of domestic natural gas for the period from October 1 through October 31, 2023.
As a result, gas distribution firms may raise the cost of CNG and PNG, which will undoubtedly have an effect on customers.
Domestic natural gas prices rose for the second month in a row. Prices rose from $7.85/mmBtu to $8.60/mmBtu in September. According to CNBC Awaaz on Saturday, the costs for October have now gone up from $8.60/mmBtu to $9.20/mmBtu.
The price of domestic gas is now determined by the price of the Indian crude basket under the new formula. Prior to this, the price of domestic natural gas was determined by comparing it to the prices of four major global gas trading hubs: Henry Hub, Albany, National Balancing Point (UK), and Russian gas.
According to the report, the price of petrol is now fixed every month as opposed to the previous formula, which regulated the price of petrol every six months.
In order to decide on the new formula, the government established a committee in October 2022. On the basis of the committee's suggestions, the government established this plan of action.
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