RIL urges Oil Ministry to announce new natural gas price soon after polling

In a view to avoid irreparable loss to all parties, including the government, Reliance Industries (RIL) has urged Oil Ministry to announce a new natural gas price soon after polling ends on May 12. While a new formula for pricing of all domestically produced natural gas was notified on January 10 and published in Gazettee on January 17, the Election Commission last month asked the government to defer its implementation till general elections are completed. The new pricing formula, that almost doubles the price of natural gas to about $ 8.34 per million British thermal unit, was to be implemented from April 1 but following the directive of the poll watchdog, was put in abeyance till model code of conduct for elections is in place.