By Nidhi Verma
NEW DELHI (Reuters) – India’s natural gas price review panel is set to favour linking the price of most local output to an Indian crude basket with a cap of $6.50 per million British thermal units (mmBtu) to shield consumers from the volatility in global markets, sources said.
In September India set up a panel headed by energy expert Kirit Parikh to review the India’s gas pricing formula to ensure fair prices to consumers after state-set prices of gas from old fields and a ceiling price for output from difficult blocks rose to a record high.
(Reporting by Nidhi Verma; Editing by Tom Hogue)
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