NEW DELHI: The govt on Friday introduced a value of herbal fuel of USD 7.92 consistent with unit for the rest of April consistent with the simply authorized new pricing formulation, however charges for customers were capped at USD 6.5 consistent with unit.
According to an order of the Oil Ministry’s Petroleum Planning and Analysis Cell, the value of herbal fuel for April 8 to April 30 duration involves USD 7.92 consistent with million British thermal unit going via the brand new indexation of pricing it at 10 consistent with cent of imported value of crude oil.
However, the Union Cabinet had whilst converting the pricing formulation capped the charges at USD 6.5 consistent with mmBtu for 2 years finishing March 31, 2025.
“For the gas produced by ONGC/OIL from their nomination fields, the price shall be subject to a ceiling of USD 6.5 per mmBtu,” the order mentioned.
The capped charges which might be a few quarter lower than the present costs, will result in CNG and piped cooking fuel costs being reduce via as much as 10 consistent with cent.
Following the verdict, the CNG value in Delhi may be reduce from Rs 79.56 consistent with kg to Rs 73.59 and that of PNG from Rs 53.59 consistent with thousand cubic meters to Rs 47.59. In Mumbai, CNG would possibly value Rs 79 consistent with kg as a substitute of Rs 87 and PNG would possibly value Rs 49 consistent with scm as a substitute of Rs 54.
The Government on Thursday permitted a number of key suggestions made via the Kirit Parikh Committee with admire to the pricing of herbal fuel made from APM fields (which might be legacy fields and in large part held via PSUs like ONGC,
Under the brand new pricing mechanism, the pricing of fuel will probably be connected to ten consistent with cent of India’s moderate per 30 days crude import basket. There would even be a ground value of USD 4 consistent with mmBtu and a ceiling value of USD 6.5 consistent with mmBtu.
This formulation replaces the outdated one the place the charges have been mounted the use of 4 global fuel benchmarks. The value of fuel consistent with this formulation was once USD 8.57 consistent with mmBtu for the six months ended March 31.
For April 1 to April 7 – the duration previous to the Cabinet determination – the cost of APM fuel can be “USD 9.16 per mmBtu on a Gross Calorific Value (GCV) basis,” the PPAC order mentioned.
“For the gas produced by ONGC and OIL from their nomination fields, the APM price shall be subject to a floor and a ceiling.
“The preliminary ground and ceiling costs will likely be USD 4 consistent with mmBtu and USD 6.5 consistent with mmBtu respectively. The ceiling can be maintained for the following two years (FY 2023-24 and 2024-25) after which higher via USD 0.25 consistent with mmBtu every yr A separate Gazette notification indicating the verdict of the Cabinet mentioned.
The costs will now be revised each and every month, going ahead, as a substitute of bi-annual revision.
“The APM prices would be declared on a monthly basis by PPAC on the last day of the month,” the notification mentioned.
The govt will observe costs of CNG and piped herbal fuel (PNG) for family kitchens to be sure that the aid in enter fuel value is handed directly to the patrons.
“PPAC has been mandated to prepare and maintain a portal for monitoring of CNG/PNG consumer prices on a dynamic basis. PPAC will develop a suitable mechanism for receiving regularly updated data from the CGD entities. The portal would be made dynamic to reflect the changing prices without delay,” the notification mentioned.
According to an order of the Oil Ministry’s Petroleum Planning and Analysis Cell, the value of herbal fuel for April 8 to April 30 duration involves USD 7.92 consistent with million British thermal unit going via the brand new indexation of pricing it at 10 consistent with cent of imported value of crude oil.
However, the Union Cabinet had whilst converting the pricing formulation capped the charges at USD 6.5 consistent with mmBtu for 2 years finishing March 31, 2025.
“For the gas produced by ONGC/OIL from their nomination fields, the price shall be subject to a ceiling of USD 6.5 per mmBtu,” the order mentioned.
The capped charges which might be a few quarter lower than the present costs, will result in CNG and piped cooking fuel costs being reduce via as much as 10 consistent with cent.
Following the verdict, the CNG value in Delhi may be reduce from Rs 79.56 consistent with kg to Rs 73.59 and that of PNG from Rs 53.59 consistent with thousand cubic meters to Rs 47.59. In Mumbai, CNG would possibly value Rs 79 consistent with kg as a substitute of Rs 87 and PNG would possibly value Rs 49 consistent with scm as a substitute of Rs 54.
The Government on Thursday permitted a number of key suggestions made via the Kirit Parikh Committee with admire to the pricing of herbal fuel made from APM fields (which might be legacy fields and in large part held via PSUs like ONGC,
Under the brand new pricing mechanism, the pricing of fuel will probably be connected to ten consistent with cent of India’s moderate per 30 days crude import basket. There would even be a ground value of USD 4 consistent with mmBtu and a ceiling value of USD 6.5 consistent with mmBtu.
This formulation replaces the outdated one the place the charges have been mounted the use of 4 global fuel benchmarks. The value of fuel consistent with this formulation was once USD 8.57 consistent with mmBtu for the six months ended March 31.
For April 1 to April 7 – the duration previous to the Cabinet determination – the cost of APM fuel can be “USD 9.16 per mmBtu on a Gross Calorific Value (GCV) basis,” the PPAC order mentioned.
“For the gas produced by ONGC and OIL from their nomination fields, the APM price shall be subject to a floor and a ceiling.
“The preliminary ground and ceiling costs will likely be USD 4 consistent with mmBtu and USD 6.5 consistent with mmBtu respectively. The ceiling can be maintained for the following two years (FY 2023-24 and 2024-25) after which higher via USD 0.25 consistent with mmBtu every yr A separate Gazette notification indicating the verdict of the Cabinet mentioned.
The costs will now be revised each and every month, going ahead, as a substitute of bi-annual revision.
“The APM prices would be declared on a monthly basis by PPAC on the last day of the month,” the notification mentioned.
The govt will observe costs of CNG and piped herbal fuel (PNG) for family kitchens to be sure that the aid in enter fuel value is handed directly to the patrons.
“PPAC has been mandated to prepare and maintain a portal for monitoring of CNG/PNG consumer prices on a dynamic basis. PPAC will develop a suitable mechanism for receiving regularly updated data from the CGD entities. The portal would be made dynamic to reflect the changing prices without delay,” the notification mentioned.