Fertilizer Association of India has made it clear that it won't follow RIL's term sheet and refrain from signing the dotted line till the government notifies it about gas price.
CNBC-TV18 learns that RIL is digging in its heels demanding higher gas price from the fertiliser firms for the gas supply.
Also Read: Won't sign new gas pact sans govt nod: Fertilizer union
The gas supply purchase agreements between RIL and fertilizer companies had lapsed on March 31. On that day, an emergency meeting was held, post government intervention.
In the meeting, which lasted for four hours, RIL agreed to supply gas at USD 4.2 at the interim up until the contracts are finally renewed again.
However, sources say, the entire process has faced a setback after RIL sent new term sheets to fertilizer companies.
In the term sheet, RIL has categorically stated and asked fertilizer companies to agree on the new gas price formula starting April 1, Fertilizer Association of India (FAI) told CNBC-TV18, adding that RIL is also seeking rollback of guarantees.
The new gas price formula throws up a price of USD 8.3/mmbtu for the April -June quarter.
Additionally, it may also put a setback on the marketing margins. There was an expectation that marketing margins would be lowered, but RIL has quoted the similar marketing margin of USD 0.135 per mmbtu in the term sheet, FAI said.
Fertilizer association has made it clear that it won't sign on the dotted line till the government notifies them about the price.
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