Government today approved raising natural gas price by about 33.33 per cent to 5.61 US Dollars per million metric British thermal unit(mmBtu) from November 1.

Currently domestic gas is sold at 4.2 US Dollars per mmBtu.

Rangarajan committee set up by previous UPA government had approved to increase rates by 100 per cent to 8.4 US Dollars.

A price increase was to come into effect just days before general elections.

But the Election Commission requested a deferral.

In June, the BJP-led Central government had deferred a decision on gas pricing to end-September saying the complex issue needed more discussion.

Finance Minister Arun Jaitley said that the new formula will be effective November 1 and rates will be revised every six months with the next revision being on April 1.