Reliance Industries shares were trading at a near 3-year high on the BSE on Thursday after the oil & gas explorer on Wednesday said that it will be selling gas to the urea plants as per the new prices.
Reliance Industries wrote to the fertiliser firms, saying the gas price of$ 4.205 per mmBtu was valid only till March 31. “By a notification dated January 10, 2014, published on the Gazette of India on January 17, 2014, the Government of India has notified the (new) gas price formula. Clearly, with effect from April 1, 2014, a revised price is applicable to all gas supplied by us and accepted by you,” it wrote.
The scrip was trading 0.93% higher at Rs 970.