Reliance Industries (RIL) has received approval from Cabinet Committee on Economic Affairs (CCEA) to sell D6 gas at higher price. The new rate will come into effect from April 1, 2014. RIL will have to give a bank guarantee, which will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the Dhirubhai-1 and 3 (D1&D3) main gas fields in its eastern offshore KG-D6 block.
Moreover, the bank guarantee will cover the difference between the current gas price of $4.2 per million British thermal unit (mBtu).
