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Natural gas price in India is likely to be hiked by 8 per cent from April 1 driven by an increase in rates in reference markets including US Henry Hub.
US West Texas Intermediate (WTI) crude oil futures were trading at $50.87 per barrel at 0235 GMT, down 17 cents from their last settlement.
Monday's gains take the rally since the agreement was struck on Wednesday to 18 percent for Brent, the highest in almost eight years, and 15 percent for US crude.
India's largest LNG importer Petronet has signed an agreement to set up a USD 950 million liquefied natural gas import project in Bangldesh.
"Natural gas is the next-generation fossil fuel, cheaper and less polluting," Modi said in an address at flagship energy event, Petrotech.
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