Govt to hike gas price for ONGC, RIL by 60% for undeveloped gas discoveries

In a boost to firms like ONGC and Reliance Industries, the government plans to raise natural gas price by about 60% for their undeveloped gas discoveries in difficult areas.

While domestically-produced gas is currently priced at an average of rates in gas-surplus countries like the US, Canada and Russia, for deep-sea discoveries yet to be developed, the government plans to price them at an average cost of alternative fuels -- naphtha and fuel oil as well as imported LNG.

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