New Delhi: A ministers group, formed to check out pricing and utilization of natural gas created from novel fields like the KG-D6 of Reliance Industries, is expected to hold its initial conference today.

The Authorized Ministers Group, chaired by External Affairs Minister Pranab Mukherjee, is proposed to assemble today to make a decision on pricing and gas usage, which is based on inputs from a group of secretaries and Prime Minister’s Economic Advisory Council that got into the entire issue.

RIL planned a gas rate of $4.33 per million British thermal unit to 4.58 dollars per mbtu, rates that were opposed by prime consuming segments including fertilizer and power in general and Anil Ambani in particular.

The companies, led by K M Chandrasekhar, Cabinet Secretary, in its statement carried on RIL’s right to fix gas price and stated the self-governing allegiance given in NELP cannot be changed.

It, however, asked Petroleum Ministry to frame a natural gas utilisation policy and natural gas pricing policy before approving RIL’s gas price.

In contrast, EAC found RIL’s rating procedure to match to the market practice and alleged allotments made to priority segments should only be at market settled rate. It, however, required RIL to call bids for establishing the rate once more.

The EGoM consists of Law Minister H R Bhardwaj, Petroleum Minister Murli Deora, Fertilizer Minister Ram Vilas Paswan, Power Minister Sushilkumar Shinde, Finance Minister P Chidambaram, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Corporate Affairs Minister Prem Chand Gupta.