The new natural gas prices for producers in India are well below the average cost of production, rating agency Icra said on Monday. The government last week marginally cut the natural gas price paid to producers to $2.48 per million British thermal unit (mbtu) effective for six months from April 1. "With the latest marginal fall from $2.50 per mbtu for the second half of 2016-17, the domestic price is now well below the average cost of production for many producers for a sustained period, leading to losses, which has forced the industry to seek a floor price.

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