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Natural gas production remains a loss-making proposition for most fields for the Indian upstream producers as government-dictated gas price remains at its lowest level, rating agency ICRA has said.
The domestic gas price notified at $1.79 per million British thermal unit for the six months beginning April 1 remains the lowest since the institution of the modified Rangarajan formula.
Also, the ceiling on price for gas produced from deep-water, ultra deep-water, high-temperature and high-pressure fields has been fixed at $3.62 per million Btu for April-September 2021-22 which is 10.8% lower than the ceiling for October-March 2020-21.
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