Gas prices reach an all-time high after revision

Domestic natural gas prices were hiked by a record 40 per cent on October 1, 2022. Natural gas prices now stand at $8.57 per million British thermal units (mmBtu) on gross calorific value in the second half of 2022-23, as compared to $6.1 mmBtu in the April-September 2022 period. The Petroleum and Analysis Cell has also revised the gas ceiling price for extracting the key commodity from challenging fields — deepwater, ultra-deepwater and high pressure-high temperature fields — by around 25 per cent to $12.46 per mmBtu. These prices have been raised primarily on account of the uptick in international prices.