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No going back on gas price hike: petroleum minister

Published on November 27, 2013 at 6:15

No going back on gas price hike: petroleum mi


Mumbai: Petroleum minister M Veerappa Moily has ruled out any reversal of the decision to double natural gas prices from April 1 next year.He said that the rangarajan panel report will be implemented and there is no question of going back on the decision , a day after meeting investors, bankers and analysts ahead of the forthcoming NELP round X auctions from mid-January.He also said that “the notification regarding the implementation of the new price formula will be issued shortly”. . Reliance Industries will be the main beneficiary from this as they may be allowed to rise the price after it offered financial guarantees to the government to settle any claims against it over a shortfall in its gas output.Reliance, which operates the D6 block off India’s eastern coast, has reported a sharp decline in gas output since 2010

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