Oil and Natural Gas Corporation (ONGC) and Oil India have rallied up to 6% in morning deals on reports that the government may raise the gas prices sometime this calendar year. ONGC has surged 6.3% to Rs 354, while Oil India soared 4% to Rs 555 on the Bombay Stock Exchange.
“An empowered group of ministers is likely to approve new policy guidelines based on the Rangarajan Committee report that would more than double the price of domestic gas being sold by ONGC and Oil India,” the Business Standard report suggests.
Meanwhile, the Ministry of Petroleum and Natural Gas on Wednesday proposed to double the price of gas to $8-8.5 per million metric British thermal unit (mmBtu) sometime this calendar year, DNA report suggests.
