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Government to Lift Pricing Restrictions on Locally Produced Natural Gas

The government has initiated talks on lifting price restrictions which have been imposed on domestically produced natural gas. The changes would soon be finalized by the cabinet so that the new pricing system is implemented at the earliest. Under the proposed changes, the producers would be allowed to sell a portion of their total output at prices negotiated with customers. This would drive the overall oil market which has remained stagnant for a quiet a while and would also attract investments. At present, the market rates for oil from deep sea and other difficult fields are required to remain lower than government prescribed ceiling and the new policy would also revise the ceiling price.