In November 2022, a special committee set up by the petroleum and natural gas ministry served some hot recommendations on how India should price its gas. After lots of chats with key players, they suggested some tasty changes. Right now, India juggles different gas pricing rules based on when fields were given out and under what conditions. ONGC and OIL, the big guns making about 70% of India’s gas, get gas priced under the Administered Price Mechanism (APM). Currently, this APM gas price is based on the average prices of four international gas fields over 12 months — and here’s the kicker — with a 3-month delay! This slow-motion pricing means our domestic gas price may not truly reflect the real-time world market. Think about it: using an average from the past year with a delay might kill the point of linking local gas prices to international ones. The committee thinks a smarter way is to set the price based on last month’s import price of Indian crude oil and update it every month. But don’t worry, they want to keep a safety net. The floor price stays at $4.00 per MMBTU and the ceiling at $6.50 per MMBTU, with a yearly bump of 50 cents on the ceiling price. Already, you can see the effect! In October 2025, APM gas priced at $6.96 per MMBTU, crossing the old ceiling of $6.75. This means consumers using city gas (PNG) and compressed natural gas (CNG) pay a bit more, but gas still beats alternatives like LPG or diesel in cost. Meanwhile, ONGC and OIL are finally making profits, and some of those earnings go back to the government. The committee didn’t stop there. They said, "Hey, why not free up the HPHT (high-pressure high-temperature) gas fields completely by January 1, 2026?" These fields, known for complex and costly operations, currently have pricing ceilings based on the cheapest alternative fuels like fuel oil or coal, which makes the ceiling sort of pointless. It's like putting a roof on a room that barely needs one! Why this push? Because global LNG prices have calmed down from the wild swings caused by the Russia-Ukraine crisis, exactly as the committee predicted in 2022. With LNG prices stable, it's the perfect moment to remove price caps and open the market fully. Did you know? Fields outside the nomination blocks already enjoy full pricing freedom and consistently price gas cheaper than imported LNG, even during tough global times. This shows the market can manage itself without government's tight grip. Loosening control will help create better price discovery, encourage smart use of gas, and boost a competitive Indian gas market. The plan is to free all gas pricing by January 1, 2026, except APM gas, which will be deregulated a year later. This lively reform saga is penned by a former Planning Commission member who headed the gas pricing reforms committee. What this means for India is crystal clear: a brighter, more flexible future for gas, filled with opportunity for both producers and users!