Govt allows Petronet LNG to raise prices

The government panel on Wednesday allowed leading gas firm Petronet LNG Ltd to raise liquefied natural gas prices for its customers from May 2007, a senior oil ministry official said.

"In today's meeting Petronet LNG has been allowed to increase prices for all its existing customers and the Dabhol power plant," the official, who did not wish to be identified, told the media. Petronet LNG will revise the prices as and when it gets new term contracts to buy LNG, the official said.

"We have worked out a new pricing formula according to which the revised price will be $5.84 per mBtu." he said. Petronet sells LNG now at around $4.4 per mBtu. The firm sources five million tonnes a year of LNG from Qatar and has tied up 1.5 million tonnes from various sources for the 740-megawatt Dabhol power plant in the western state of Maharashtra.  

Source: The Economic Times, New Delhi, January 17, 2007
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