The Cabinet note is said to be prepared after consultation with the PMO and the Law Minister.
New Delhi: After due deliberations and discussions, the Oil Ministry is ready with a Cabinet note on gas pricing. The Ministry is awaiting a final call from the Cabinet on the uniform domestic gas price.
According to sources, the Ministry in its note has proposed modifications in the that Rangarajan gas price formula and has called it 'flawed'. The modified formula pegs gas price at $6-6.70/mmbtu.
The Cabinet note is said to be prepared after consultation with PMO and the Law Minister. The note proposes removal of Japan hub from the formula.
Ministry has proposed more weight to Indian gas output in its formula.
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