Gas prices at home were linked to a basket of internationally traded fuel oils last year, subject to a government determined floor and a ceiling. Gas prices are now at the floor. A GAIL release says the company had sold 5.1 billion cubic metres of natural gas in the first three months of this fiscal, which roughly works out to a quarter of the company's total sales of 20 billion cubic metres of gas last year.

The gas transmission company's total liquid hydrocarbon production in the first quarter was 1.56 lakh tonne, compared to 6.35 lakh tonne in the whole of last year. The three LPG projects of GAIL at Usar, Lakwa and Auraiya made ``considerable progress'' during the period, the release says, adding that the two plants at Usar and Lakwa were ``nearing completion.

The public sector companyearned Rs 11.66 crore of other income, along with net sales of Rs 1623.98 crore in the first quarter. It spent Rs 1298.96 crore, paid out Rs 23.75 crore as interest charges, to earn a gross profit of Rs 79.25 crore.

The Gas Authority of India Ltd had to set aside Rs 79.25 crore as depreciation and Rs 34 crore as provision for tax, paring down its profit after tax to Rs 199.68 crore.