The APM Natural Gas Price For May 2023 Has Been Raised By MoPNG To USD 8.27 Per MMBtu
As opposed to the prices recorded for domestic natural gas in April 2023, the Ministry of Natural Gas has shot the prices up as is evident by the data released by the PPAC (Petroleum Planning and Analysis Cell), a subsidiary of MoPNG. The prices have been jacked up on the back of an increased Administered Pricing Mechanism by 4 percent month-over-month basis.
The May prices for APM natural gas were recorded at USD 8.27 per MMBtu.
The Primary Motive for the Soared Prices
The jig in the prices is substantiated by the objective of clinching the cost apparatus for the consumption of domestic gas. Moreover, it also aims at buttoning up the protection to the producers against the odd storms of fluctuation that could whirl the market.
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In addition to that, the new pricing mechanism of domestic natural gas is believed to cover the major portion of the Government’s objective in terms of ameliorating the present natural gas share in India. The revision is speculated to ramp up the consumption of natural gas leading to reach 15 percent by the year 2030 compared to 6.5 % as of today.
CNG and PNG Prices are Likely to Remain Uninduced
The hike in the prices for domestic natural gas is likely to have no significant impact on the prices of piped natural gas and CNG. The resoluteness of the prices of these two commodities is due to the fact that these were capped at USD 6.5 MMBTu.
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As per Procurement Resource, the domestic natural gas prices have been recorded at USD 7.92 as on April 2023. The price rise was found to increase by 4.4 percent M-O-M. However, the hike in the prices of domestic natural gas is not expected to totter the prices of PNG and CNG, which are capped at USD 6.5 MMBTu.
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