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India's bold move to increase domestic gas prices

India's government is set to increase domestic gas prices in a move applauded by analysts and the industry

India will more than double its domestic gas price in a bold move that is expected reinvigorate its energy landscape.The government has approved a new gas pricing formula, which could increase domestic gas prices to $8.40 per million British thermal units (Btu) from April 2014, the minister of petroleum and natural gas, Veerappa Moily, has confirmed.“It’s certainly a boon for existing players, India’s Oil & Natural Gas Corporation (ONGC), Oil India, Reliance Industries and BP, whose projects, particularly in the deeper waters, become economically viable,” Alay Patel, an India specialist at Wood Mackenzie, told Petroleum Economist. Data from the energy research firm shows that the reform

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