| Flash floods and landslides unleashed by early monsoon rains have killed hundreds in Uttarakhand. Slideshow Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat September 12, 2009. Credit: Reuters/Amit Dave/Files MUMBAI | MUMBAI (Reuters) - State-run producer Oil and Natural Gas Corp expects to add about 80 billion rupees in profits annually on account of the increase in gas prices, its finance head said on Friday. On Thursday, the government approved a gas price hike for the first time in three years. Indicative pricing suggests domestic gas could rise to around $8.4 per mmBtu from April 1, 2014, compared $4.2 per mmBtu currently. "We should see this increase provided other things remain the same and there are no conditions attached," ONGC Finance Director Aloke Banerjee said over the telephone. ONGC gains about 20 billion rupees for every $1 per mmBtu increase in gas prices, he said. ONGC reported a net profit of 33.89 billion rupees for the fourth quarter ended March. (Reporting by Prashant Mehra; Editing by Sunil Nair)
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Thursday, 27 June 2013
ONGC sees annual profit up $1.3 billion on gas price hike - Reuters India
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