MGL increases CNG & PNG prices on re depreciation
City gas distributor Mahanagar Gas (MGL) today increased the price of compressed natural gas (CNG) -- used as fuel by almost all the taxis and autos in the metropolis -- by Rs 2 per kg due to rupee depreciation.
June 30, 2013 / 21:27 IST
City gas distributor Mahanagar Gas (MGL) today increased the price of compressed natural gas (CNG) -- used as fuel by almost all the taxis and autos in the metropolis -- by Rs 2 per kg due to rupee depreciation.
The price of domestic piped natural gas (PNG) has been increased by Rs 2.19 per Standard Cubic Meter.The move, which will come into effect from midnight, was necessitated in "order to recover part of increase in overall input costs and rupee depreciation against US dollar," MGL statement said.Higher gas prices to benefit upstream players: CRISILThe announcement comes within a day of oil retailers announcing increase of Rs 1.82 per litre of petrol due to the slide in rupee, which has depreciated by 12 per cent since May and breached the Rs 60 against the dollar mark last week.Accordingly, the revised price of CNG will go up to Rs 35.95 per kg in Mumbai and Rs 36.47 in the neighbouring suburb of Thane, it said.Price of PNG will go up to Rs 24.09 per SCM in Mumbai and Rs 24.17 in Thane, the statement said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
