There are indications that the budget will pave the way for a gas-based economy in the country


- Use of natural gas should be made compulsory

- Occasional

- A strategy to increase the percentage of natural gas from six percent to 15 percent of the total consumption of various energies.

The meeting of various industries in the country is now on the budget. A special debate is going on about the budget in the oil and natural gas sector. At present, the consumption of natural gas in the country has been slower than expected and the government has received instructions from the players of this sector to take steps in the direction of increasing such consumption. If the use of natural gas is made compulsory in the sector where the infrastructure is ready in the industry and the flow of gas is flowing, the progress of this sector can be accelerated. The informants were telling that. At present, among the total consumption of various energy sources in the country, the percentage of consumption of natural gas is only around 6 percent and it was discussed before the budget that such percentage should be increased. Such percentage of natural gas consumption in the country must be increased to 15 percent in the next 6 to 7 years and serious efforts are required from the government to achieve this percentage. The industry is watching the approach taken by the finance minister in this direction in the budget. The demand to treat the natural gas sector as an infrastructure sector has also started from this sector. If this is done, the informants were showing the calculation that it will be easier to get financial support and credit opportunities in the natural gas sector. The demand to include the natural gas sector under the Goods and Services Tax GST has also started from this sector. However, such demands related to GST have actually depended on the approach of the GST Council, which is made up of representatives of the central government and various state governments. This depends on how the Council responds to such demands and how the Union Finance Minister also views the issue.

If the economy of the country is to be made a gas-based economy, it seems necessary for the government to take initiatives in this direction. Domestic piped natural gas connections to PNG are increasing but the pace of such growth has been slow, necessitating government measures to slow it down. There is now a meeting on how the finance minister shows awareness of this issue in the budget. Industry players are saying that the government's will power has also become necessary in the direction of easing the burden of Value Added Tax VAT on this sector. The players said that if the special additional excise duty on crude oil is abolished, it can create a relaxed atmosphere in this sector, the demand for abolition of such excise has resurfaced as the gross refining margin has declined. What is the mood of the Finance Minister to remove the import of LNG from the customs duty is to be seen in the budget itself. At present, such customs duty is 2.5 percent. In the financial year 2023-24, the government has reduced the prices of LPG. Budgetary provision for this sector has become essential in view of the wide rise in crude oil prices. It has been heard in the market that the government has allocated Rs.30 thousand crores in the 2023 budget for energy transition, but much of this amount has not reached the oil and gas sector. Meanwhile, natural gas prices have seen a tumble recently, according to world market news. In natural gas, there were recently signs of slowing down in new demand from Europe and China at the global level. As the concept of green (clean) energy is flowing in the country, many entrepreneurs are also looking towards green hydrogen. Globally, tensions and unrest have increased in the Middle-East region and sea traffic has been disrupted on the Night Sea route, but natural gas prices have come under pressure in the global market, but players were surprised.

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