The Government of India has approved a revised formula of gas pricing effective from November 1, the current price of $4.2 per million British thermal unit for domestically produced natural gas will rise to $6.17 per mmBtu on a like-to-like basis. ONGC is likely to earn an additional profit of Rs 1,950 crore during the current fiscal due to 46 per cent rise in natural gas prices announced by the government. The price would be valid upto March 2015.