ONGC seeks about $4.75 per Mbtu for gas

New Delhi, July 10 (UNI) State run Oil and Natural Gas Corporation (ONGC) today sought gas priced at about 4.75 dollars per million British thermal units (mBtu) as it was making an annual loss of Rs 700 crore on sale of gas at administered prices.

ONGC said the present price of Rs 3.2 per cubic meters is unsustainable produced from its own gas fields. It said the hike suggested by Tariff Commission to Rs 3.6 per cubic meters would help ONGC break-even on sale of gas produced from old fields.

In a detailed presentation to the Committee of Secretaries (COS), ONGC sources said the price of gas from its new fields should be around 4.75 dollars per mBtu.

UNI