Indian energy company Reliance Industries may have to reduce its gas prices to $4 per unit from its earlier determined $4.33 if the proposed tweaking of the formula is approved by the empowered group of ministers, reports the Economic Times.

The paper cited media sources as having said that the sub-committee that had been appointed had been asked to deliberate on the formula and the proposed changes before it can be taken up by the empowered group of ministers (EGoM).

According to a source quoted by the Economic Times: EGoM will be briefed by the sub-committee about the reasons for the changes before members take a decision.