In a move that hopes to boost exploration and investor sentiment,the UPA government Thursday approved an increase in the price of natural gas effective from April 2014,in line with a complex pricing formula suggested by the Rangarajan Committee.
Here are the people who will suffer the consequences of the govt’s actions:
* The hike would directly impact over 21 lakh households using piped natural gas
* More than 17 lakh vehicles running on CNG
* It would also jeopardize the economic competitiveness of more than 1,000 small and medium enterprise sectors
* The blow would be higher for 119 million farmers who would have to pay 65 per cent more for urea from Rs 5,360 per tonne to Rs 8,892 per tonne.