Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group, Mahanagar Gas Ltd and GAIL bought 0.3 mmscmd each, sources said. Dated Brent means the average of published Brent prices for three calendar months immediately preceding the relevant contract month in which gas supplies are made. Initially, Reliance had set a floor of 9 per cent of dated Brent price, which translated into a gas price of USD 5.4 per mmBtu at USD 60 oil price. To pacify the consumers, Reliance lowered the floor/minimum quote to 8.4 per cent of dated Brent price. According to the bid document, the gas price will be subject to the ceiling price mandated by the government.

Source: Mint November 17, 2019 09:56 UTC