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India hints a rise in domestic gas prices is on the horizon

The newly elected government is attempting to boost state finances

India’s newly elected government has hinted that it will raise domestic gas prices by round 60%, as it eyes divestment opportunities in leading oil companies to boost state finances. As expected, no energy reforms were announced in its maiden budget. But the Bharatiya Janata Party, which won power in May, has signaled its determination to push through higher wholesale gas prices.  New prime minister Narendra Modi, whose government romped home with the biggest majority in 30 years, looks set to cut the state’s oil-subsidies burden by more than a quarter, but a slight increase in the fertiliser subsidy may hint at higher gas pricing of $6.8 per million British thermal units (Btu) later this y

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