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GAIL (India) Ltd will be allowed to more than double the tariff on two sub-networks of the Cauvery Basin Natural Gas Pipeline from 2016-17 after the Petroleum and Natural Gas Regulatory Board (PNGRB) approved the increase.
In a tariff order passed by the PNGRB on May 27 and made public on Monday, the regulator has set the tariff for the 230 km Narimanam and Kuthalam (NKM) sub-network at ₹7.47 per million British thermal unit till March 31, 2016 and at ₹17.41 per million British thermal unit from April 1, 2016.
For the Ramnad (RMD) sub-network on the Cauvery Basin Natural Gas Pipeline, the regulator has set the tariff at ₹3.07 per million British thermal unit till March 31, 2016 and from April 1, 2016 the tariff will be ₹16.63 per million British thermal unit.
In both cases, the tariff set has been lower than that sought by GAIL (India) Ltd. The company had sought ₹43.58 per million British thermal unit for the NKM sub-network from April 1, 2015 onwards while for the RMD sub-network, it had sought ₹17.81 from the same date.
On Monday, GAIL’s shares closed 0.05 per cent higher on the BSE at ₹379.60.
Meanwhile, GAIL also announced that it has started drilling its second exploratory well as an operator in its New Exploration Licensing Policy — IX block in the Cambay basin.
The well is situated in the Nabhoi village in Tarapur Tehsil of Anand District in Gujarat.
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