INDIA is likely to slash by more than 20% domestic natural gas prices from October to what would be its lowest level in more than a decade. Domestic gas prices in the country are due for revision on 1 October based on a gas pricing formula that is revised twice a year. "We believe that domestic gas producers would get about $1.9 per million British thermal units from October," one source from a private sector producer told Upstream. The source added that international gas pricing benchmarks have been declining due to the demand plunge in the wake of the Covid-19 outbreak, which would lead to a lower price for India's gas producers. The price for domestic producers was cut to about $2.39 per million Btu from 1 April, compared to the previous price of $3.23 per million Btu.
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