NEW DELHI: India’s natural gas price review panel is set to favour linking the price of most local output to an Indian crude basket with a cap of $6.50 per million British thermal units (mmBtu) to shield consumers from the volatility in global markets, sources said.

Pakistan’s delegation leaves for Russia to hold discussions on oil, gas

In September India set up a panel headed by energy expert Kirit Parikh to review the India’s gas pricing formula to ensure fair prices to consumers after state-set prices of gas from old fields and a ceiling price for output from difficult blocks rose to a record high.