India more than doubled the price of natural gas for the remainder of the first half of its fiscal year, reflecting a surge in global prices and stoking inflation in Asia's third-largest economy.
India has raised the price of locally produced gas from old fields for April-September to a record high of $6.1 per million metric British thermal units (mmBtu) from $2.90/mmBtu, according to a statement from Petroleum Planning and Analysis Cell of the federal oil ministry.
It raised the ceiling price for gas produced from more challenging fields to $9.92 per mmBtu for April-September from $6.13 per mmBtu, confirming a report by Reuters.
High natural gas prices will boost earnings for producers Oil and Natural Gas Corp Ltd, Oil India Ltd and Reliance Industries.
