India more than doubles price of locally produced gas

India more than doubled the price of natural gas from Friday 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.