• Home
  • Contact Us
  • Privacy & Policy
Saturday, May 21, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Commodities

Domestically produced gas price likely to see upward revision come April

by admin
March 27, 2021
in Commodities
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


From April 1 the price of domestically produced gas is expected to rule higher on the back of an upward trend across different international hubs, including the indices used as benchmarks.

The six-monthly revision in government-stipulated prices of domestic gas is likely to boost the revenues of public-sector explorers and producers Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Ltd (OIL) as well as private players including Bp-Reliance Industries.

“A $1 rise in the price per mBtu (million British thermal unit) will boost annual profit before tax by ₹4,300 crore for ONGC and ₹550 crore for OIL,” said Prashant Vasisht, Vice President and Co-Head, Corporate Ratings at ICRA Ltd.

In the last revision in October 2020, the price had sunk to a record low, having consecutively fallen for three turns amid the coronavirus pandemic. It currently stands at $1.79 per mBtu. For the production from discoveries in deepwater, ultra deepwater, and high pressure-high temperature areas, the government dictates a price ceiling, which is currently at a record low of $4.06 per mBtu.

 

Both public-sector and private oil and gas companies have long campaigned for changing the pricing formula, which uses low-priced international benchmarks from gas-surplus economies such as the US, Canada, Russia and the UK.

“The indices used are irrelevant and need to be changed. This is one of the main reasons why investors are not interested in India,” said Deepak Mahurkar, Partner, PwC. The government has been courting international oil and gas majors to invest in the domestic upstream industry as the potential for gas production is believed to exist in deep-water and ultra deep-water areas, to exploit which international expertise is crucial.

Meanwhile, a number of private producers have found workarounds to evade the price ceiling. “An affiliate will often buy the gas from the producer and further sell to other companies to circumvent the ceiling,” Vasisht added. Last month, following the example of Reliance, ONGC too floated a gas subsidiary to buy its own production.

Tags: AprilDomesticallygasgas price revisiongas pricesoilONGCpriceproducedrevisionupward
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022
Factors that influence exchange rates in the forex market

Factors that influence exchange rates in the forex market

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0
Factors that influence exchange rates in the forex market

Factors that influence exchange rates in the forex market

May 21, 2022

Buy the dip or sell the ‘rip’?: What’s ahead for stock investors as ‘sticky’ inflation fears heighten consumer concern

May 21, 2022
How to Manage USD/CAD Live Trade | Forex Swing Trading

How to Manage USD/CAD Live Trade | Forex Swing Trading

May 21, 2022

S&P 500 Pares Losses After Hitting Bear-Market Territory

May 21, 2022

Recent News

Factors that influence exchange rates in the forex market

Factors that influence exchange rates in the forex market

May 21, 2022

Buy the dip or sell the ‘rip’?: What’s ahead for stock investors as ‘sticky’ inflation fears heighten consumer concern

May 21, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.