Domestic natural gas to be in range of $7-8 per mmbtu

The new domestic natural gas pricing that is set to be applicable from April 2014, is likely to be in the range of $7-8 per million metric British thermal unit, a senior petroleum ministry official said today.

The Ministry had notified the new pricing formulae based on Rangarajan panel report last week. "It would be a weighted average of international prices between January to December 2013. We would come out with the exact pricing by March 15. It may be in the range of $7-8 per mmBtu," petroleum secretary Vivek Rae told the media on the sidelines of Petrotech 2014.