A letter written by Power Ministry to the Petroleum Ministry challenging Reliance Industries (RIL) gas pricing formulae can be a party pooper for Mukesh Ambani. The letter says We understand, RIL is (a) targeting to charge $4.5 MMBTU of gas and (b) is seeking the approval of MOP&NG for a fuel pricing formula. You would agree that these moves of RIL are not in public interest and require further serious deliberations involving all stakeholders.
The letter also says that the government will take its share of KG gas called ''profit gas'' in kind and not in cash. RIL must also supply 2.1 million metric tonne of gas every year to feed the Dabhol Power plant. Earlier the PMO had echoed similar sentiments. A committee of secretaries headed by the cabinet secretary is now looking at the matter. Even the Prime Minister''s economic brain-trust Dr Rangarajan has been roped in. But with such letters surfacing that openly express apprehensions about the gas formula. It is becoming increasingly clear that RIL''s price formula is unlikely to be accepted as it stands.
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