Jun 25 2014, 20:18 IST
SummaryNarendra Modi govt orders status quo on natural gas prices for 3 months.
In a setback to gas producers like Reliance Industries (RIL) , the PM Narendra Modi-led government today postponed revision in natural gas prices by three months pending a "comprehensive" review to make a controversial pricing formula more palatable.
The current USD 4.2 per million British thermal unit rate for gas, which would have jumped to USD 8.8 if a formula approved by the previous UPA government was implemented on July 1, will continue till September-end, Oil Minister Dharmendra Pradhan said here.
The first revision in rates in four years was originally to take effect from April 1 but with general elections being declared it was postponed by three months.
"The Cabinet Committee on Economic Affairs today decided that comprehensive discussions were necessary on the issue. It was decided that consultations would be held with all stakeholders and it was important to keep public interest in mind," he told reporters after the CCEA meeting.
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