India hikes gas prices

India on Friday said it will raise the price of locally produced gas from old fields by 40% to a record $8.57 per million metric British thermal units (mmBtu) from Saturday for six months, a move that could stoke inflation. The country will raise the ceiling price for gas produced from more challenging fields to $12.46 per mmBtu for October-March, the second half of this fiscal year, from the current $9.92 per mmBtu.