The government on Wednesday, has lowered the prices of natural gas prices by 16 percent to $4.24 per unit for the six month period starting from October 1.

According to a formula approved by the government in October last year, natural gas prices will fall to USD 4.24 per million British thermal unit on net calorific value (NCV) basis from the current USD 5.50 per mmBtu.

According to officials, On gross calorific value (GCV) basis, the new gas price for October 1 to March 31 would be USD 3.82 per mmBtu as compared to USD 4.66 currently.

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