The government appointed panel to review the gas pricing formula, has sought more time to finalise its report. The panel formed by Ministry of Petroleum and Natural Gas under Kirit Parekh was supposed to finalise its report on 31st October.
However, sources told CNBC-TV18, that the panel has been receiving numerous stakeholder representations and needs more time to conclude a complex issue that affects the common man and the industry. The panel could take up to 7-8 more days to finalise the report.
CNBC-TV18 has learnt that the committee is likely to recommend measures to increase domestic production of gas. "We are working with the key objective to provide gas at affordable rates for agriculture and household consumption", said a source requesting anonymity. The panel is yet to take a call on submissions from the automobile industry for lower CNG prices.
The panel is likely to submit one combined report to the government after the report is finalised. Recently, natural gas prices were hiked by 40 percent which has led to an increase in CNG and PNG costs.
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