Domestic gasoline value rises over two-fold

The authorities on Thursday hiked the worth of the vast majority of domestically produced pure gasoline by about 110 per cent on the again of rising worldwide gasoline costs.

The value of pure gasoline produced from fields awarded to state-owned ONGC and Oil India regulated below the Administered Price Mechanism (APM) was hiked to $6.1 per million British thermal unit (mmBtu) for the April-September interval, up from $2.9 per mmBTu presently, in response to the Petroleum Planning and Analysis Cell (PPAC).

The hike, which is able to come into impact on Friday, will probably result in an increase in costs of CNG and piped pure gasoline.

The value of domestically produced pure gasoline is revised in step with the common costs in 4 key international markets — US Henry Hub, Canada Alberta gasoline, UK NBP, and Russian Natural Gas — each six months. APM gasoline accounts for over 90 per cent of ONGC pure gasoline output.