Gas Cylinder Price: If you too take a gas cylinder every month and are troubled by the rising price of gas, then this news will definitely give you relief. The government has constituted a committee to review the formula for fixing the price of gas produced by major oil-producing companies like ONGC and Reliance. This review group was established by decree of the Ministry of Petroleum and Gas and is led by former Planning Commission member Kirit S. Parikh.
This committee formed by the government comprising representatives of GAIL India and IOCL will also
To advise the gas consumers about the fair price of gas. Private companies involved in city gas distribution, public gas company GAIL India Limited, Indian Oil Corporation and one representative each from the Ministry of Fertilizers have also been included in this committee. The price of domestically generated gas was established in 2014 using a formula developed by the government using the gas prices of countries with a surplus of gas.
Prices rose sharply after the Ukraine war.
According to this formula, gas prices were several times below the cost of production till March 2022. But this rate has risen sharply in the past few months since the start of the Ukraine war. The price of gas from old gas fields has doubled to $6.1 per unit (mmBtu) since April and is expected to cross $9 per unit by next month.
The ministry has asked this committee to suggest a fair price for the gas to be provided to the consumers. The gas is used not only to make fertilizers but also to create electricity and as CNG and LPG.
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