A Parliamentary Standing Committee (PSC) headed by senior BJP leader Yashwant Sinha has asked the Congress-led UPA government to review its decision on domestic natural gas prices.

In June, the government's cabinet committee on economic affairs (CCEA) approved a plan to increase natural gas price from current $4.2 per mmBtu to more than $8 per mmBtu.

But in its report titled "Economic Impact of Revision of Natural Gas Price," the PSC urged the government to come out with a fresh, more balanced pricing that is more closely linked to the audited cost of production and provide reasonable returns on investments.

The committee said domestically produced natural gas should be used for the larger national good and not for making profits.

The report, tabled in parliament on Wednesday, said, "The committee believes that natural gas is a national resource and a public asset and therefore. should reflect this principle so that it is used for the larger national good and not for profiteering."

The report also underlined that the government should make sure that RIL supplies the shortfall it still owes as per its edal with the government at the old price of $4.2 per MMBtu.

The new price scheme, which is based on a formula recommended by C. Rangarajan committee, is scheduled to come in effect from April 1, 2014.