NEW DELHI: While auto fuel prices have been on a steep rise all through last year, it is now the turn of compressed natural gas (CNG) to embark on an upward march. On Thursday, gas companies hiked the rates of CNG and piped cooking gas in the national capital region. Analysts say that the trend of rising gas prices is likely to send CNG prices even higher over the next few months.
Indraprastha Gas Ltd (IGL) raised CNG price by 90 paise per kg and cooking gas by Rs 1.25 per standard cubic metre. “CNG retail price in Delhi stands revised from Rs 43.40/kg to Rs 44.30/kg w.e.f 6 am on 8th July 2021,” IGL said in a tweet.
In neighbouring Noida, Greater Noida and Ghaziabad, CNG price has been hiked to Rs 49.98 per kg from Rs 49.08. Rates differ from state to state due to local taxes. Piped natural gas (PNG) rates in Delhi was increased by Rs 1.25 per scm to Rs 29.66 per scm, and to Rs 29.61 in Noida, Greater Noida and Ghaziabad.
A report from Motilal Oswal released on Monday said that CNG firms are set to face their “steepest uphill battle ever” due to the expected price hike. For gas manufacturers, the past few quarters have presented favourable conditions which are now likely to change.