Government sets up Kirit Parikh committee to moderate gas prices
The government had in 2014 used prices in gas surplus countries to arrive at a formula for locally produced gas. The rates according to this formula were subdued and at times lower than the cost of production till March 2022 but rose sharply thereafter, reflecting the surge in global rates in the aftermath of Russia's invasion of Ukraine. The prices, which are payable to producers like Reliance Industries as well as state-owned Oil and Natural Gas Corporation (ONGC) are due for revision on October 1 and are expected to go up further.