The Union Cabinet on Thursday approved a new formula for pricing of natural gas and imposed cap or ceiling price to rein in runaway prices of CNG and piped cooking gas.
Natural gas produced from legacy or old fields, known as APM gas, will now be indexed to crude oil price instead of pricing it based gas prices in surplus nations such as the US, Canada and Russia, Union I&B Miniser Anurag Thakur told reporters after a meeting of the Cabinet.
