gas at the rate India pays for importing gas in its liquid form (called LNG) on a long-term contract from Qatar. India pays 12.67 per cent of the international oil rate plus USD 0.26 per mmBtu to Qatar. At USD 100 per barrel oil rate, this translated into a gas price of USD 12.93.
The panel headed by C Rangarajan – Chairman, Economic Advisory Council to the Prime Minister – suggested gas-on-gas competition after five years.
"Government is moving towards aligning Indian gas prices with international markets which will act as a bridge for gas on gas competition in the future," RIL said.