Gas EGoM reconstituted, to meet after Diwali: CNBC:TV18

The Empowerd Group of Ministers (EGoM) on gas pricing has been reconstituted, ostensibly because of the recent cabinet reshuffle, and the reconstituted group would likely meet after Diwali, CNBC TV 18 reported on Thursday.

Two ministers Veerappa Moily, as the new oil minister, and the new law minister Ashwani Kumar were replaced. However, the exact date for the meeting is yet to be finalised. According to the channel's Siddharth Zarabi, who cited sources, the meeting could be held in the second half of November.

The other item on the agenda, apart from gas prices post 2014, would be the pooling of gas for the fertiliser and the power sector. There was already a Planning Commission report on pooling of gas, basically taking into account domestic availability, which was expected to be 60-70 per cent of the demand. The rest would need to be imported and the prices pooled.

In fact, the figure that was being quoted as the pooled price was $8-9. However, this came from a mix of sources, according to CNBC-TV18. There could, therefore, be no correlation whether this pooled price would become the harbinger for the next level of revised pricing for liquefied natural gas.

Once the specific date was confirmed for the meeting, with the agenda circulated to all the attendee ministers, including the DMK's Alagiri, some sort of clarity could be expected on the matter.