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19 december 2014,New Delhi. The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 58.22 per barrel (bbl) on 18.12.2014. This was higher than the price of US$ 57.29 per bbl on previous publishing day of 17.12.2014.
The government has cut the gas price ceiling to $9.87 per million metric British thermal unit of gas, effective April 1, impacting profit margin of companies exploring and producing gas from these areas. The gas price ceiling has been reduced for gas being produced from discoveries in deep-water, ultra deepwater and high-pressure, high-temperature areas, according to the notification by the Petroleum Planning and Analysis Cell of India dated March 31.
This reduction in prices comes as welcome news for commercial establishments and households utilizing these cylinders for various purposes. , Economy News - Times Now
The government bi-annually fixes prices of the locally-produced natural gas -- which is converted into CNG for use in automobiles, piped to household kitchens for cooking and used to generate electricity and make fertilisers.
The government has announced a marginal reduction in the price of natural gas produced from difficult areas like the deep sea KG-D6 block of Reliance Industries, setting it at USD 9.87 per million British thermal unit for the six-month period starting April 1. This adjustment aligns with the softening of benchmark international gas prices.