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Gas Price Hike: “Inflation Bomb” will explode next week, natural gas prices may reach record levels

Photo:FILE Gas

Gas Price Hike: If your shoulders are bowing because of inflation, then another strong explosion of inflation awaits you. Natural gas prices are likely to hit record levels from next week. In such a situation, you will not be surprised if the price of PNG in the kitchen and CNG in the car suddenly increases. Let us tell you that the price of natural gas is to be reviewed next week.

Apart from LPG and CNG, natural gas is also used in power generation, fertilizers. The government decides the price of natural gas produced in the country. This time the gas prices will be announced on October 1. In the current situation, the price of gas is expected to increase. In such a situation, the month of festivals of October can bring you another installment of inflation.

Prices may increase from 6 to 9 dollars

According to sources, there has been a sharp jump in energy prices in the current era. In such a situation, the rate to be paid for gas produced from old fields of state-owned Oil and Natural Gas Corporation (ONGC) may increase from $ 6.1 per unit (Million British Thermal Unit) to $ 9 per unit. This will be the highest rate ever for regulated areas.

Gas prices are fixed every 6 months

The government fixes the price of gas every six months (1 April and 1 October). This price is determined at a quarterly interval based on the rates of the previous one year of gas surplus countries like US, Canada and Russia. In such a situation, the price of gas for the period from October 1 to March 31, 2023 will be fixed on the basis of the price from July, 2021 to June, 2022. Gas prices were at a high at that time.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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