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ICICI Securities Report
The Ministry of Petroleum and Natural Gas has notified the price for domestic gas production for October 2022-March 2023 and the price ceiling for domestic production from difficult fields.
Domestic gas price has been raised to $8.57/metric million British thermal unit (from $6.1) and difficult field ceiling has been raised to $12.46/mmbtu (from $9.92).
Delivered price will be higher by ~12% owing to conversion to net calorific value. The NCV price of $9.6/mmbtu and NCV price ceiling of $14/mmbtu is the highest ever price notified since this pricing formula was put in place.
However, the price is still lower than our and street estimates of $9.2- 9.3/mmbtu (gross calorific value) and $10.3/mmbtu (NCV), respectively.
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