Business News
2 min read | Updated on July 09, 2024, 08:33 IST
SUMMARY
To "partially offset the increase in gas cost", MGL has increased the delivered price of CNG by ₹1.50 per kg and domestic PNG by ₹1 per standard cubic meter in and around Mumbai.
The hikes comes days after CNG and piped cooking gas rates were increased in Delhi
After Delhi, CNG price in Mumbai has been hiked by ₹1.50 per kg and the rate of cooking gas piped to houses by ₹1 due to rise in input costs.
"To meet the increasing volume of CNG and domestic piped natural gas (PNG) segments and due to further shortfall in domestic gas allocation, MGL is sourcing additional market priced natural gas (imported LNG) which has resulted in higher gas cost," the firm said in a statement.
To "partially offset the increase in gas cost", MGL has increased the delivered price of CNG by ₹1.50 per kg and domestic PNG by ₹1 per standard cubic meter in and around Mumbai.
Accordingly, the revised delivered prices inclusive of all taxes of CNG will be ₹75 per kg and domestic PNG price will be ₹48 per scm in and around Mumbai.
"Even after the above revision, MGL's CNG offers attractive savings of about 50% and 17% as compared to petrol and diesel, respectively, at current price levels in Mumbai, while MGL's domestic PNG continues delivering unmatched convenience, safety, reliability and environmental friendliness to consumers," the company said. "Even after the minor increase, MGL's price of CNG and domestic PNG are amongst the lowest in the country".
Natural gas pumped out of the ground and seabed is turned into CNG for running automobiles and piped to households for cooking. But supplies from state-owned Oil and Natural Gas Corporation (ONGC's) domestic fields have not kept pace with the demand.
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