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BP. Bp Plc

495.70
2.90 (0.59%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bp Plc LSE:BP. London Ordinary Share GB0007980591 $0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.90 0.59% 495.70 496.00 496.10 498.75 493.30 495.45 36,110,224 16:35:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Petroleum Refining 211.6B 15.24B 0.8934 5.55 84.61B

India Defers Decision On Raising Gas Prices

25/06/2014 9:18pm

Dow Jones News


Bp (LSE:BP.)
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NEW DELHI--India's federal cabinet Wednesday deferred a decision to raise state-mandated prices of natural gas by three months, a move that is likely to disappoint explorers who have been demanding an increase to help boost production.

"The matter requires comprehensive consultations with all stakeholders," Oil Minister Dharmendra Pradhan told reporters after a meeting of the ministerial panel.

This is the second time that the price increase has been deferred.

Last year, an expert panel had recommended raising gas prices to roughly $8 per million metric British Thermal units from $4.20 mmBtu. India's previous government had accepted the recommendation and approved the increase from April 1. But it had to put-off the price increase on the direction of the country's election regulator ahead of national elections that ended last month.

Exploration companies were hoping India's new government would implement the much-delayed price increase.

The new government "must be given time to take a call," Law and Telecom Minister Ravi Shankar Prasad, who was also present at the news conference, said.

Separately, the cabinet panel also increased the prices state-owned agencies pay to farmers for their produce by up to 100 rupees ($1.6) per hundred kilogram.

The floor price for rice has been raised by 3.8% to 1360 rupees per hundred kilogram. Prices for other farm commodities such as pulses, oilseeds and cotton have also been raised.

These prices are closely watched by analysts as they can push up inflation. Mr. Prasad said he doesn't expect inflation to go up because of the latest move.

The increase is smaller than in previous years. State-set purchase prices rose an average 24% in the fiscal year to March 2013 and a much slower 5.6% in the last fiscal year.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com and Prasanta Sahu at prasanta.sahu@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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