Mahanagar Gas raised its prices by ₹1.50 per kilogram for CNG and ₹1 per standard cubic meter (SCM) for the domestic PNG, reported CNBC-TV18 quoting the company's statement. Both the prices are effective midnight tonight, starting July 9.
Written By Anubhav Mukherjee
Updated8 Jul 2024, 09:06 PM IST
Mahanagar Gas increases CNG and domestic PNG prices in Mumbai
Mahanagar Gas Limited (MGL) increased the prices for Compressed Natural Gas (CNG) and domestic Piped Natural Gas (PNG) on Monday, July 8 in and around the city of Mumbai reported CNBC TV-18 quoting the company's press statement.
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The natural gas distributor raised its prices to ₹1.50 per kilogram for CNG, bringing the total price up to ₹75 per kg, including taxes. For their domestic PNG prices, the price went up ₹1 per standard cubic meter (SCM) up to ₹48 per SCM, inclusive of taxes. Both the prices are effective midnight tonight, starting July 9.
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"To meet the increasing volume of CNG and domestic PNG segments & due to further shortfall in domestic gas allocation, MGL is sourcing additional market priced natural gas (imported RLNG) which has resulted in higher gas cost," reported CNBC TV-18 quoting MGL.
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Other natural gas distributors such as Indraprastha Gas (IGL) hiked their prices of CNG by ₹1 per kg in December 2023, over reasons of high input costs. In March 2024, they reduced the prices by ₹2.5 per kg as the costs of inputs went down. Gujarat Gas also raised its prices of industrial natural gas to ₹2.48 from ₹2 per SCM in the Morbi region of the State, since July 4.
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Morgan Stanley put an overweight rating on IGL after the price hike, as quoted by CNBC-TV18. The target price was set at ₹575 per share.
Mahanagar Gas shares closed 1.36 per cent lower at ₹1,675.60 on July 8, as compared to the previous day's close at ₹1698.70. Indraprastha Gas shares closed 0.53 per cent higher at ₹524.85 on July 8, as compared to ₹522.10 the previous day. Also, Gujarat Gas shares closed 1.22 per cent higher at ₹652.75, compared to ₹644.90 the previous day.