With the 18% reduction in domestic natural gas price effective October 1, state-owned explorer ONGC would take a hit of Rs 1,059 crore on its profit after tax (PAT) in the second half of the fiscal. According to a circular from the Petroleum Planning and Analysis Cell (PPAC), the price of natural gas from domestic fields would drop to $4.24/mBtu from October 1 on net calorific value (NCV) basis, from $5.18/mBtu previously. The revised price on a gross calorific value (GCV) basis would be $3.82/mBtu.

Source : http://www.financialexpress.com/article/economy/gas-price-cut-by-18-ongc-to-take-rs-1059-cr-hit/144189/

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