The Ministry of Petroleum and Natural Gas (MoPNG) has notified 20 per cent premium over the domestic natural gas price (12 per cent of Indian crude basket price for new gas) on allocation of gas produced from news wells from nominated fields of Oil and Natural Gas Corporation Limited (ONGC), Oil India Limited (OIL).
The policy aligns with the Union government’s vision of increasing the share of natural gas in the Indian energy basket from present 6 per cent to 15 per cent by 2030.