(ET)
India has set up a panel to review the pricing formula for locally produced gas to ensure “fair price to the end consumer”, according to a government order seen by Reuters, a move aimed at lowering inflation and boosting use of the cleaner fuel. India links local gas prices to a formula tied to global benchmarks, including Henry Hub, Alberta gas, NBP and Russian gas with a lag of one quarter. Local gas prices are at a record high and are expected to rise further due to a sharp increase in global gas prices triggered by the Ukraine-Russia conflict. The panel has to submit its report by end of this month, it said.
