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India To Raise Domestic Gas Prices To $6.1/mm Btu.

TNI || New Delhi || 31st March 2022

India is all set to more than double the price of natural gas for the first half of this fiscal year, reflecting a rise in worldwide costs and further fuelling inflation in Asia’s third largest economy.

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According to sources, India will hike the price of locally produced gas from old fields from $2.90 per million metric British thermal units (mmBtu) to a record high of $6.1 per million metric British thermal units (mmBtu) between April to September.

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From April to September, sources added, it will increase the price cap for gas generated from more difficult fields from $6.13 per mmBtu to $9.92 per mmBtu. 

Costs of locally produced gasoline from old fields in India are linked to a formula based on worldwide benchmarks such as Henry Hub, Alberta gas, NBP, and Russian gas.

The prices will be calculated based on the gross heat value.

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The revised rates will be put in place by the federal oil ministry’s Petroleum Planning and Analysis Cell. Oil and Natural Gas Corp Ltd, Oil India Ltd, and Reliance Industries will benefit from higher natural gas prices.

Gas costs for families, the electricity sector, businesses, and fertiliser companies will all rise as a result of the shift, contributing to total inflation. In February, the country’s annual retail inflation surpassed 6% for the second month in a row.

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Fuel merchants began a gradual hike in the pump price of gasoil as well as gasoline on March 21 after a four-month hiatus, mirroring a spike in worldwide costs.

According to DBS Bank, a $10 increase in the price of a barrel of oil raises India’s consumer price index-based inflation by 20 to 25bps, expands the current account deficit by 0.3 percent of GDP, and puts the country’s growth at risk by 15 basis points.