NEW DELHI: In a significant decision, the Union Cabinet on Wednesday approved revised domestic gas pricing guidelines and the price of natural gas will be 10 per cent of the monthly average of the Indian crude basket.

Addressing a press conference after a meeting of the union cabinet, Information and Broadcasting Minister Anurag Thakur said there will be monthly notification to ensure stable pricing in regime and provide adequate protection to producers from adverse market fluctuation.

He said the guidelines will ensure a stable pricing regime for domestic gas consumers, provide adequate protection to producers from adverse market fluctuation and provide incentives for enhancing production.

The guidelines will be applicable to the gas produced from nomination fields of ONGC/OIL, new exploration license policy blocks (NELP) and pre-NELP blocks.

The new guidelines will come into force from Saturday.

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