Ahmedabad, Aug 1: The Gujarat High Court today stayed the decision of the Central government to revise rates of liquified natural gas (LNG) prices to existing customers like Essar Steel and GSPSC.

The stay comes on a petition filed by Gujarat State Petroleum Corporation (GSPC) Limited challenging the Central government’s decision to revise the rates of LNG.

The petition mentioned that revised rates would increase the prices for existing gas importers and manufacturers, including Petronet LNG, Indian Oil Corporation, Bharat Petroleum and Gas Authority of India Ltd, said advocate Aspi Kapadia who appeared for the petitioner.

The GSPC has firm price agreement entered into with the suppliers (valid till December 2008) and mid-way pooling of gas prices for the existing customers is discriminatory, the petitioner contended.

Justice Akshay gave the stay order till further hearing on August 9. The Court has directed the Centre and GAIL India Limited to submit its reply to the contentions of GSPC on August 9.

Source by saharasamay.com