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The Ministry of Petroleum and Natural Gas has decided to go for a uniform gas price for all the gas producers in India once the new pricing under Rangarajan formulae comes into effect post elections.
Coal bed methane (CBM) producers like Great Eastern Energy Corporation Ltd, Essar Oil and ONGC are drawing a higher price of $5.1-$22.8 per unit from its fields now. The domestic gas pricing is currently at $4.2 per million metric British thermal unit (mmbtu). Even after the new pricing based on formulae suggested by a committee headed by the Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan, the pricing of natural gas is expected to be in the range of $8 per unit.
Though the new pricing was supposed be applicable from April 1 onwards, it got derailed due to the Election Commission intervention period (2012-17).