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New Delhi , May 27

THE Government is understood to have given its nod for a 12 per cent hike in prices of subsidised natural gas for the power and fertiliser units. Sources indicated that the Cabinet Committee on Economic Affairs (CCEA) had recently approved an ad-hoc increase in the price of natural gas to Rs 3,200 per thousand standards cubic metres per day. Currently the price of natural gas is Rs 2,850 per thousand standard cubic metres per day.

The CCEA is also believed to have approved linking the price of natural gas for consumers in all other sectors to market prices. The biggest beneficiary of the Cabinet decision could be the Oil and Natural Gas Corporation (ONGC), which is the largest domestic gas producer.

The Finance Minister, Mr P. Chidambaram told newspersons after a meeting of the CCEA on May 19 that a decision on natural gas prices was deferred as Petroleum Ministry had got in additional proposals.

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