The sharp fall in industrial volume was led by the shutdown of the Morbi-based ceramic plants and the favourable economics of switching to propane.
Customers in India have reduced gas buys following a 40 percent jump in prices, creating surplus gas in the market.
The net profit stood at Rs 416.15 crore in July-September compared with Rs 400.54 crore in the same period a year back, the company said in a statement.
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BAL's total sales in the quarter rose 0.6 percent on a YOY basis to 11.51 lakh units, while sales of two-wheelers dropped by 1.1% to 10.19 lakh units.
CNG in the national capital territory of Delhi now costs Rs 78.61 per kg, up from Rs 75.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL).
Also, this will be the third increase in rates since April 2019 and comes on the back of firming benchmark international prices.
While the government’s thrust on e-mobility continues at full throttle, sales of CNG-powered vehicles have nearly doubled, from 138,404 units per year in 2018 to 278,296 units in 2022, as of August.
The vicious cycle of high price/low supply followed by low demand has resulted in heavily-underutilised gas infrastructure
The price of PNG has been reduced by Rs 4 per standard cubic metre to Rs 48.50 per SCM, while that of CNG by Rs 6 a kilogram to Rs 80 per kg.
The new model also offers fuel efficiency of 30.90 Km/kg, making it India’s most powerful CNG hatchback and the most fuel-efficient CNG premium hatchback.
The allocation for city gas operators like Indraprastha Gas Ltd in Delhi and Mahanagar Gas Ltd in Mumbai has been increased from 17.5 million standard cubic meters per day to 20.78 mmscmd.
The price revision comes amidst rising prices of the natural gas at source both internationally as well as for domestically drilled gas. Rising prices have forced suppliers and distributors to cut down on industrial supplies since the past many weeks.
There is speculation the company may roll a CNG version of the Brezza; one of the key reasons for the rise in sale of CNG variants is the lower operating cost — at a third of the petrol version.
Petrol and diesel prices have held steady for over three weeks
With energy distribution startup The Fuel Delivery signing a 'letter of intent' with Mahanagar Gas Limited to set up mobile CNG stations in the city, CNG users in Mumbai will soon have the fuel delivered to their doorsteps.
Fourth-quarter performance was better than September’s as international gas prices eased from $50/MMBtu to $20-25/MMBtu. However, the shortage of APM gas continued in the quarter
The minimum fare has been increased to Rs 20 from the existing Rs 18, and the running fare for each subsequent kilometre has been hiked to Rs 15 from the present Rs 13, state Transport Minister Purnesh Modi announced after meeting representatives of various auto-rickshaw unions.
CNG vehicle sales continued to grow in FY22, rising by 55 per cent to 2,65,383 units in FY22 compared to 1,71,288 units in FY21, as per NRI’s report titled 'Path to clean mobility: Increasing penetration of NGVs in India’.
A new hike in CNG prices is likely to pinch consumer wallets
CNG in the national capital territory of Delhi now costs Rs 73.61 per kg, up from Rs 71.61 per kg, according to the information posted on the website of Indraprastha Gas Ltd (IGL) -- the firm which retails CNG and piped cooking gas in the national capital and adjoining cities.
Since October last year, when local and international gas prices began to rise, city gas distributors have also raised prices on a regular basis.
As the app-based cabs remained off the roads, several people faced difficulties due to non-availability of rides and surge pricing.
On April 11, hundreds of auto, taxi and cab drivers staged a protest at the Delhi secretariat, demanding subsidy on CNG prices. The protest was held under the aegis of the Delhi Auto Rickshaw Sangh.
Besides the shortfall in the allocation, the prices of APM gas for CNG and PNG have been revised from USD 2.90 per million British thermal unit to USD 6.10, an increase of 110 per cent.