Coal Regulatory Bill will now be introduced in Parliament and the regulator will be set up through an executive order.
Gas prices will be increased to $ 8.4 per million British thermal unit from April 1, 2014.
The gas price, if the suggestion are accepted, would come to USD 6.79 in the immediate future and USD 8.93 by the end of current fiscal.
The Left hit out at Petroleum Minister Veerappa Moily and called him a 'first class liar'.
Iran offers only service contract to foreign companies, giving them a pre-fixed rate of fee.
The ministry is currently finalizing the cabinet note to be placed before the Cabinet Committee of Economic Affairs for a decision on gas price revision.
ONGC scrip ended 0.82 per cent higher, while TCS lost 1.02 per cent on the BSE.
The Ministry had sent a draft proposal for the consideration of the EGoM to price all domestically produced natural gas as suggested by the Rangarajan Committee.
Venezuela has some of the biggest oil and natural gas reserves in the world but oil production has plummeted under Chavez's rule.
The fire spread rapidly and ONGC's fire department took hours to douse the flames.
Kerosene rates may also be increased by same quantum over the next two years if a proposal of the Oil Ministry is accepted.
No one can explain why and who is increasing oil prices when there is no disconnect between demand and supply, Reddy said.
The minister further added that the public sector oil firms will take a call on raising the cap on subsidised LPG cylinders.
The Petroleum and Natural Gas minister said that one has to take 'some difficult, painful decisions' sometimes.
GAIL India Ltd has cut its equity stake in ONGC's Dahej mega petrochemical project to 15.5 per cent.
ONGC Energy Centre (OEC) has joined hands with a Belgian firm to harness geothermal energy in South Cambay basin.
ONGC Videsh Limited (OVL) is eyeing stake in Russia's ambitious Arctic Ocean oil and gas projects.
ONGC is still inviting online applications for 889 positions for its Graduate Trainee (GT) Recruitment 2012.
ONGC is inviting online applications for 889 positions for its Graduate Trainee recruitment 2012.