Mahanagar Gas hikes CNG prices in Mumbai by ₹1.5/kg, sixth hike since May
Cumulatively prices of the vehicular gas have increased ₹9.5 per kg across six tranches since May 14
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A gas station employe fueling gas to the CNG fueled two wheeler at the Mahanagar Gas station.
File | Photo Credit: The Hindu
Amid rising costs of input gas, Mahanagar Gas Ltd (MGL) increased prices of compressed natural gas (CNG) at their retail outlets ₹1.5 per kg.
Effective November 15, CNG in Mumbai would be priced at ₹91.5 per kg in Mumbai.
Cumulatively prices of the vehicular gas have increased ₹9.5 per kg across six tranches since May 14.
Moreover, the latest is the second hike in the ongoing month.
The uncertainty in West Asia and the loss of supplies from Qatar, which is the world’s largest LNG producer and among the most reliable suppliers, have obligated purchasers to further alternate scouting of the natural gas and increasingly buy at spot.
In a statement, MGL said, “The ongoing Middle East crisis, coupled with reduced domestic gas allocation and increased dependence on higher-cost imported RLNG linked to international benchmarks, has significantly increased MGL’s gas procurement costs, particularly for the CNG segment, driven by strong demand and a higher share of imported gas in its input mix.”
Previously, privately-owned Adani Total Gas too have also hiked CNG prices at their outlets cumulatively by ₹6.75 per kg across two tranches since October 23.
West Asia / oil and gas - upstream activities / oil and gas - downstream activities
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Full detailed coverage is shown on the council website above. Source attribution: The Hindu – Business.
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