Epic Research Update : ONGC

State-run oil company ONGC rallied after the Modi government raised natural gas prices to $5.6 per unit from $4.2 which will significantly boost the earnings of ONGC.  The new gas price will be implemented from November 1 and will be revised every six months with the next revision being on April 1.

The Cabinet modified the Rangarajan formula approved by previous UPA government to bring down the increase in rates from $8.4 to $5.61 per mmBtu. Gas price increase had been deferred on three occasions previously. Higher gas prices would increase inflation in the country by rising operating cost of fertilizer plants, running power stations and prices of food.

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