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India lowers Oct-March gas prices by 18 pct- source

Published 2015-09-30, 01:36 a/m
India lowers Oct-March gas prices by 18 pct- source

NEW DELHI, Sept 30 (Reuters) - Locally produced gas in India
will cost 18 percent less during October-March compared with the
first half of the current fiscal year, a source with knowledge
of the matter said on Wednesday, due to a decline in global
prices.
Prices will be cut to $3.82 per million British thermal
units (mmBtu) in the second half of this fiscal year on gross
heat value basis, the source, who is not authorised to speak to
the media, told Reuters.
It will cost about $4.24 mmBtu on a net heat value basis
compared with $5.18/mmBtu in April-September, the source said.
India introduced a new gas-pricing formula last November.
The formula links the prices of locally produced gas with those
in the United States, Canada, the United Kingdom and Russia.

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