The government-appointed Kirit Parikh panel to review the pricing of natural gas has sought more time to submit its report as it does a tightrope walk between the expectations of producers and consumers, sources said.

The panel headed by Parikh — a member of the disbanded Planning Commission — was told to suggest a “fair price of natural gas to the end-consumer” by the end of September.

It has now sought time till November-end, but the government is willing to give it time till mid-October, the sources added.

A decision on the extension will be taken next week after oil secretary Pankaj Jain returns from his foreign trip, they said.

The brief for the panel was to review the way prices of gas produced in India are fixed.

The panel includes representatives of gas producers association, ONGC and OIL. It has a member from private city gas players, GAIL, IOC and a member from the fertiliser ministry.

Sources said the committee has so far held two meetings but is no way near formalising its recommendation.

While the producers insisted on complete market freedom as had been guaranteed in the contracts they signed for finding and producing the fuel, consumers wanted a “fair price”, sources said.