Locally produced gas in India will cost 8 per cent less during April-September, the government said in a statement on Tuesday, due to a decline in global prices.
India in November introduced a new gas-pricing formula and raised the local prices by a third.
The formula links the prices of locally produced gas with those in the United States, Canada, UK and Russia. Prices will be cut to $4.66 per million British thermal units (mmBtu) in the first half of next fiscal year from April on gross heat value basis.
It will cost about $5.18/mmbtu on a net heat value basis compared with $5.61/mBtu now.
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