India says will not change domestic gas price formula

India will not change its domestic gas price formula which was set up in 2014, Oil Minister, Dharmendra Pradhan, said on October 5.

On September 30, the government reduced the price of natural gas produced in India by 18 percent to $2.50 per million metric British thermal units (mmBtu) for the October to March 2017 period.

Rating Agency Fitch said in a note that while the lower gas prices will not significantly hurt the borrowing capacity of India's second largest state-owned exploration and production company Oil India Ltd, it will be selling natural gas at a loss.