Home production will increase if gas prices are higher: Moily
Posted on: 20/Dec/2013 4:19:30 PM
Petroleum Minister M. Veerappa Moily, informed that the domestic gas production will increase if gas prices are higher. The central government has recently permitted RIL (Reliance) to sell gas at a revised price.
He added that unless the gas prices are revised upwards, dependence on import will continue.
Effective April 2014, the central government has adopted a new formula for the gas prices ($8.4 per mbtu - Million British Thermal Units - from the current $4.2 mbtu). Reliance will also sell at this price.
There is an urgent exploration of India’s own sources for gas – currently, it is importing 50% of its requirement.
