Date:17/06/2007 URL: http://www.thehindu.com/2007/06/17/stories/2007061701500600.htm

Andhra Pradesh

YSR objects to RIL's gas pricing formula

Special Correspondent

HYDERABAD: Andhra Pradesh Chief Minister Y. S. Rajasekhara Reddy has seriously objected to the fixing of gas price based on the formula of Brent Crude Oil in American dollars per barrel.

He has renewed his request for the constitution of a market regulator to determine the gas price to ensure a "fair, transparent and just" price mechanism to protect the interests of consumers in the State.

In a letter to Prime Minister Manmohan Singh on Saturday, Dr. Reddy said that the Reliance Industries Ltd had fixed the gas price using the Brent's formula which worked out to be US $ 4.6 an mmbtu (million metric British thermal units).