Natural gas prices at a decade low, CNG and PNG could be cheaper

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New Delhi, 16 August 2020 Sunday

The price of natural gas in the country could fall sharply. This could have a detrimental effect on the earnings of gas producing companies like Oil and Natural Gas Corporation (ONGC). According to estimates, the price of natural gas in India may fall to 1. 1.90 per MMBTU from October. This will be the lowest level of natural gas prices in the country in more than a decade. It may be mentioned here that the gas producing companies in the country are already in huge losses at this time. However, it is hoped that the fall in natural gas prices will bring down the prices of CNG, LPG and PNG.

According to sources, natural gas prices are expected to improve from October 1, 2020. Gas prices will fall to 90 1.90 to 9 1.94 per million British thermal units (MMBTU) due to changes in benchmark rates of gas exporting countries. If that happened then it would be the third consecutive drop in natural gas prices in a year. Earlier in April, natural gas prices were slashed by 26 per cent. This brought down the price of natural gas to 2. 2.39 per MMBTU.

Natural gas is used in the production of chemical fertilizers and electricity. In addition it is converted to CNG, which is used in vehicles. It is also used as a cooking gas. Gas prices are set for a period of six months on April 1 and October 1. According to sources, the fall in gas prices means that the loss of ONGC, the country's largest oil and gas producer, will increase. ONGC had a loss of Rs 4,272 crore in gas trade in 2017-18. It is expected to increase to Rs 6,000 crore in the current financial year.

ONGC is losing 65 million cubic meters of gas per day. The central government introduced a new gas price formula in November 2014. This is based on the value centers of gas surplus countries such as the US, Canada and Russia. Gas prices are currently at 2. 2.39 per unit, the lowest in more than a decade.

ONGC and Oil India get ઉત્પાદન 3,818 per unit for gas production. It cost customers 4. 4.20 after adding 10 percent royalty. The Congress-led UPA government had approved a new value formula, which was to be implemented from 2014. This would have increased gas prices. The BJP-led NDA government then scrapped the formula, introducing a new one. Gas prices were 5. 5.05 per unit at the time of the first amendment. Gas prices then continued to fall in six months of research.

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