New Delhi, (IANS) : India on Friday marginally cut the natural gas price paid to producers to $2.48 per million British thermal unit (mbtu), according to an official notification.

“The price of domestic natural gas for the period April 1, 2017 to October 31, 2017 is $2.48 per mbtu on Gross Calorific Value (GCV) basis,” a Petroleum Planning and Analysis Cell notification said.

The gas price for the last six-month period ending March 31 was $2.5 per mbtu. As per the new gas pricing formula approved in October 2014, gas prices are to be revised every six months.

The government also raised the ceiling price for gas exploration in difficult areas like deep seas which are unviable to develop as per the existing pricing formula.

The cap for the April 1, 2017 to October 31, 2017 period will be $5.56 per mbtu, up from $5.3 per mbtu.

Domestic gas prices are calculated by taking weighted average price at Henry Hub of the US, National Balancing Point of the UK, rates in Alberta (Canada) and Russia with a lag of one quarter.