Home production will increase if gas prices are higher: Moily
Petroleum Minister M. Veerappa Moily, informed that the domestic gas production will increase if gas prices are higher. The central government has recently permitted RIL (Reliance) to sell gas at a revised price.
He added that unless the gas prices are revised upwards, dependence on import will continue.
Effective April 2014, the central government has adopted a new formula for the gas prices ($8.4 per mbtu - Million British Thermal Units - from the current $4.2 mbtu). Reliance will also sell at this price.
There is an urgent exploration of India�s own sources for gas � currently, it is importing 50% of its requirement.
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