Government today said that it will announce a new gas price formula by September-end. The formula will keep the interests of the investors and consumers in mind. Oil Minister Dharmendra Pradhan said in Rajya Sabha that no Committee has been constituted to suggest an alternative to the Rangarajan formula approved by the previous UPA government. The Rangarajan formula was to be implemented from April 1, but was deferred by three months as general elections were announced.Parliamentary Standing Committees on Finance as well as Petroleum had called for a review of the formula suggested by the panel headed by Dr C Rangarajan, saying that gas price should have some linkage with the cost of production. The gas price hike was deferred as the doubling of rates would have led to increase in cost of urea, power and CNG.