JOIN USUnsure of a favourable government after the elections, Reliance Industries Limited (RIL) has mounted pressure on the Petroleum Ministry to announce the new gas pricing policy immediately after May 12.
The new pricing formula, which almost doubles the price of natural gas to about $8.34 per million British thermal unit, was to be implemented from April 1, but following directive of the Election Commission, was put in abeyance till the model code of conduct is in place.
The issue has hogged the limelight, with the Aam Aadmi Party (AAP) going to town against the government’s move and asking the main opposition Bharatiya Janata Party (BJP) to clear its stance on the subject if it forms the government.
“The new price, as per the guidelines (approved by the Cabinet twice last year), must immediately be intimated once the model code of conduct is not in force, i.e. on May 13, 2014, which is after the last day of polling on May 12, 2014,” RIL President & COO B Ganguly has written to the Oil Secretary.
In a terse letter, RIL also said that any other course of action by the ministry would be in violation of the Production Sharing Contract.