New Delhi, April 6: In a significant decision, the Union Cabinet on Wednesday approved revised domestic gas pricing guidelines and the price of natural gas will be 10 per cent of the monthly average of the Indian crude basket.

Addressing a press conference after a meeting of the union cabinet, Information and Broadcasting Minister Anurag Thakur said there will be monthly notification to ensure stable pricing in regime and provide adequate protection to producers from adverse market fluctuation. Gas Price Hike: CNG Prices Likely To Be Hiked by Rs 8-12 per Kg, Piped Gas Rate May Go Up by Rs 6 per Unit, Say Analysts.

He said the guidelines will ensure a stable pricing regime for domestic gas consumers, provide adequate protection to producers from adverse market fluctuation and provide incentives for enhancing production. Gas Price for ONGC to Inch Up to $1.82 Next Week, Fall Below $4 for Reliance-BP.

The guidelines will be applicable to the gas produced from nomination fields of ONGC/OIL, new exploration license policy blocks (NELP) and pre-NELP blocks. The new guidelines will come into force from Saturday.

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