Daijiworld Media Network - Mumbai

Mumbai, Sep 1: Mahanagar Gas Limited (MGL) has increased the prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Mumbai, citing higher input costs amid the ongoing crisis in the Middle East.

The company has raised the price of CNG by Rs 2 per kg and PNG by Rs 1 per standard cubic metre (SCM). The revised prices came into effect from midnight on September 1.

Following the hike, CNG in Mumbai will cost Rs 88 per kg, compared to the earlier Rs 86 per kg. The price of PNG has increased from Rs 52 to Rs 53 per SCM.

“In view of the ongoing crisis in the Middle East, which has resulted in a significant increase in input gas prices linked to international indices, MGL has announced a revision in the prices of CNG,” the company said.

The price revision is expected to affect around 13 lakh CNG vehicles operating across Mumbai, Thane, Raigad, Ratnagiri, Latur and Dharashiv in Maharashtra, besides Chitradurga and Davangere in Karnataka, which depend on MGL’s supply network.

MGL shares came under focus following the announcement. The stock had closed at Rs 1,069 on the BSE in the previous trading session, down Rs 22.60 or 2.07 per cent from its previous close of Rs 1,091.60.

Meanwhile, CNG prices have also increased in Delhi and several other cities. Indraprastha Gas Limited (IGL) raised CNG prices by Rs 3.89 per kg in Delhi on August 29, taking the price to Rs 86.98 per kg. PNG prices in Delhi remained unchanged.

The revised CNG price in Noida and Ghaziabad stands at Rs 95.59 per kg, while it is Rs 95.47 in Meerut and Shamli. In Gurugram, CNG now costs Rs 92.01 per kg, while the rates in Rewari and Kanpur stand at Rs 91.59 and Rs 98.31 per kg, respectively.