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Govt-set natural gas prices doubled

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

20 May 2010 Evaluate

ONGC and Oil India Ltd (OIL) can now sell gas from the fields given to them on a nomination basis at $4.2/mBtu, on par with the price of Reliance Industries Ltd's (RIL) Krishna-Godavari Basin field gas. The Cabinet on Wednesday gave its nod to more than double the current price of natural gas sold under administered regime from $1.79/mBtu to $3.82/mBtu plus 10 per cent royalty.

The increase in gas prices would be valid up to March 31, 2014. The customers from the North-East, however, would get a subsidy of 40 per cent. Apart from the gas price increase, the Cabinet has also allowed GAIL (India) Ltd to levy a marketing margin of Rs 200 a thousand cubic metres (11.2 cents/mBtu). Earlier, GAIL was not allowed to levy marketing margins on APM gas.

In addition, there would be the taxes and other levies. The main buyers of APM gas are power, fertiliser, and city gas distribution companies. For the power sector, the impact would 2.75 per cent on electricity tariff, while for compressed natural gas it would mean an increase of 20 per cent depending on the city and the company.

Nomination fields were given to ONGC and OIL before the licensing rounds (NELP) came into being. This price revision of gas sold under administered price mechanism (APM) took place last in 2005. Currently, of 140 mscmd of gas produced in the country, 55 mscmd is APM gas.

For ONGC and OIL, which has been suffering under recoveries because of selling gas at an administered price, it means positive news. The fields of ONGC and OIL are mature and ageing. Hence, the substantial expenditure is necessary to maintain their gas production. On an annualised basis for ONGC this increase would mean gas revenues will go up by Rs 5,400 crore and net profit by Rs 3,200 crore.

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ONGC Share Price

283.95 1.20 (0.42%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	283.95
Oil India	470.10
Jindal Drilling&Inds	540.15
Deep Industries	476.90
Asian Energy Service	306.05
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Govt-set natural gas prices doubled

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