State-run Coal India Ltd (CIL) has announced a new system of pricing effective from January 1, 2012.
Under its new pricing system, the coal giant will benchmark coal on the basis of gross calorific value, a standard used internationally. The move will push coal prices up by 30-60 per cent from what the coal giant’s average price used to be.
Among the world’s major coal producers, India was the only country that was not benchmarking its product on the basis of internationally accepted gross calorific value.
