India's cabinet is set to adopt a gas panel report this week, which has recommended capping the price for most local gas at $6.50 per million British thermal units (mmBtu) in April, two sources said on Monday.
that the monthly price of gas produced from old blocks be fixed at 10% of the monthly average of the Indian crude basket, with a cap of $6.5/mmBtu and a floor price of $4/mmBtu.
The average price of the Indian crude basket from 26th of the previous month to 25th of the current month would be used to determine the price of gas for the next month, one source familiar with the matter said.
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