The federal government has actually repaired a cost of $7.85 per million British thermal systems (mBtu) for the gas produced from the tradition fields of ONGC and Oil India for August 2023.
Nevertheless, the Petroleum Preparation and Analysis Cell (PPAC) stated that the rate from the election fields of both the Oil PSUs will undergo a ceiling of $6.50 per mBtu.
Under the brand-new prices formula, the rates for gas will be modified monthly, from the 26 th of the previous month to the 25 th of the existing month.
Formerly, the rate of gas from tradition fields and from hard fields, or Deepwater, Ultra-Deepwater, and High Pressure-High Temperature Level (HPHT) fields were modified bi-annually, with result from April 1 and October 1.
The brand-new prices formula was authorized by the Cabinet in April 2023 after the Kirit Parikh committee on reasonable prices of gas sent its report to the Ministry of Petroleum & & Gas (MoPNG).
Consequently, the federal government modified the rate of gas under the administered rate system (APM) at $7.92 per mBtu for April 8 to April 30.
Throughout the months of Might, June and July 2023, the rate of APM gas was repaired at $8.27 per mBtu, $7.58 per mBtu and $7.48 per mBtu, respectively.
Gas is utilized as a feedstock in numerous markets with significant customers being fertilisers (32 percent), City Gas Circulation (20 percent), Power (15 percent) Refinery (8 percent) and Petrochemicals (5 percent).
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