Page 3 - Cng Prices

MGL cuts CNG price by Rs 8, PNG by Rs 5 in Mumbai after govt revises price

Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg. but prices are still around 80 per cent more than those in April last. MGL is pleased to pass the benefit of the source price reduction in domestic gas cost onto its domestic PNG and CNG consumers. Accordingly, the price of CNG is reduced by Rs 8/kg and domestic PNG is down by Rs 5/SCM in and around Mumbai, a late evening statement from the city gas distributor said. The revised retail price of CNG will be Rs 79/kg and that of domestic PNG Rs 49/SCM effective from

CNG, piped gas prices to be cut but no clarity on deregulation: Analysts

CNG and piped cooking gas prices will be cut by 9-11 per cent after the government revised the formula for pricing of natural gas, but there is no clarity on deregulation of the fuel, analysts said. While the Union Cabinet accepted an expert committee report to price bulk of domestically produced natural gas at 10 per cent of month average import price of crude oil with a floor of USD 4 per million British thermal unit and a cap of USD 6.5, tinkering with the panel's suggestions will help the government avoid prices going up right in the middle of general elections next year. "City gas distributors could reduce prices of compressed natural gas (CNG), used by vehicles, and piped natural gas (PNG), used by homes, by 9-11 per cent, with the government accepting the key recommendations of the Kirit Parikh Committee," Crisil Ratings said. "Had the previous pricing regime continued, prices would have likely risen." But the government has not acted on the panel's recommendation to fully ..

Govt imposes gas price caps: Here is how the prices of PNG, CNG will change

With these changes, the data of Indian crude basket price from the previous month would form the basis for APM gas price determination

Govt caps rates to rein-in CNG, piped cooking gas prices, changes formula

The Union Cabinet on Thursday approved a new formula for pricing of natural gas and imposed cap or ceiling price to rein in runaway prices of CNG and piped cooking gas. Natural gas produced from legacy or old fields, known as APM gas, will now be indexed to crude oil price instead of pricing it based gas prices in surplus nations such as the US, Canada and Russia, Union I&B Miniser Anurag Thakur told reporters after a meeting of the Cabinet. From April 1, APM gas will be priced at 10 per cent of the price of basket of crude oil that India imports (Indian basket of crude oil). The rate such arrived at however will be capped at USD 6.5 per million British thermal unit as against current gas price of USD 8.57 per mmBtu. The price such arrived at will also have a floor of USD 4 per mmBtu. Rates will be decided every month instead of current practice of bi-annual revision, he said.

Cabinet to impose price caps on gas to stave off rising rates to $10.7

The Union Cabinet is likely to soon consider imposing caps or a ceiling on price for majority of natural gas produced in the country to keep input costs for users ranging from CNG to fertilizer companies in check, sources said. The government bi-annually fixes prices of locally produced natural gas -- which is converted into CNG for use in automobiles, piped to household kitchens for cooking and used to generate electricity and make fertilisers. Two different formulas govern rates paid for gas produced from legacy or old fields of national oil companies like Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), and that for newer fields lying in difficult to tap areas such as deepsea. The global spurt in energy prices post Russia's invasion of Ukraine have led to rates of locally produced gas climbing to record levels - USD 8.57 per million British thermal unit for gas from legacy or old fields and USD 12.46 per mmBtu for gas from difficult fields. These rates are due to

Delhi CNG prices rise 38%, LPG cylinder 22% costlier in last one year

The price of CNG has shot up by nearly 38 per cent while the price of an LPG cylinder increased by about 22 per cent in Delhi during the period of last one year.

MGL slashes CNG price by Rs 2.50 per kg; leaves PNG prices unchanged

After nearly half a dozen times of hikes, the city gas utility Mahanagar Gas on Tuesday announced a reduction of Rs 2.50 per kilogram to Rs 87 a kg in the price of compressed natural gas (CNG), effective from Wednesday. Mahanagar Gas Ltd (MGL), however, left the price of cooking gas PNG unchanged. Since April 6, the price of CNG had gone up by Rs 29.50 per kilogram and that of piped natural gas (PNG) for residential use by Rs 18.50 at Rs 54. CNG price on November 4, 2022 had peaked at Rs 89.50 per kilogram and that of PNG at Rs 54 a kg. The state-owned company said the marginal cut in prices is in anticipation of the increased allocation of domestically-produced natural gas from high pressure-high temperature areas to distribution entities by the oil ministry, which lowers its input gas cost. After this reduction, the retail price of the fuel will come down to Rs 87 per kg in and around Mumbai, MGL said in a statement. This is the first price reduction since the second week of Ap

Adani firm hikes CNG price by Re 1 in Gujarat; to cost Rs 80.34 per kg

Private player Adani Total Gas Limited hiked the price of compressed natural gas (CNG) in Gujarat by Re 1 per kilogram effective from Monday. This has taken the price from Rs 79.34 to Rs 80.34 per kilogram, said Arvind Thakkar, president of Federation of Gujarat Petroleum Dealers Association. The hike by Adani Total Gas Limited comes days after state-run Gujarat Gas raised the price of CNG by nearly Rs 3.5 per kg, Thakkar added.

IGL hikes CNG price in Delhi-NCR by 95 paise to Rs. 79.56 per kg from today

It will be the costliest in Gurugram, with a kg of CNG priced at Rs. 87.89 from today

ONGC gas price to be at $6.5 for 5 yrs, no change in Reliance-bp price

A government-appointed gas price review panel, led by Kirit Parikh, is recommending a floor and ceiling price for natural gas produced from legacy fields of state-owned firms for five years to help moderate CNG and piped cooking gas rates. State producers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a minimum or floor price of USD 4 per million British thermal unit and a cap or ceiling price of USD 6.5 as against the current rate of USD 8.57, three sources with direct knowledge of the matter said. The report, which calls for not tinkering with the existing pricing formula for difficult fields such as KG-D6 of Reliance Industries and bp plc, is under finalisation and may lower the ceiling price for ONGC gas marginally. The floor and ceiling price will be applicable for five years although the initial thought was to keep it for three years, they said adding the ceiling price will have an annual escalation clause. The escalation being suggested is USD 0.

Delhi govt hikes auto-rickshaw, taxi fares in view of rising CNG prices

The Delhi government has approved a hike in auto-rickshaw and taxi fares in view of rising CNG prices in the national capital, according to an official statement on Friday. According to the revised fares, the metre down charge (minimum fare) for the initial 1.5 kilometre for auto-rickshaws has been increased from Rs 25 to Rs 30, while the per kilometre charge after metre down has been hiked from Rs 9.50 to Rs 11. For taxis, the per kilometre charge after metre down has been hiked from Rs 14 to Rs 17 for non-AC vehicles and from Rs 16 to Rs 20 for AC vehicles. The last revision in the auto-rickshaw fares happened in 2020 while that for taxi which includes black-and-yellow taxi, economy taxi and premium taxi happened nine years back in 2013. Delhi Transport Minister Kailash Gahlot had received many representations from the auto-rickshaw and taxi associations and unions on the issue of hike in fares.

Top headlines: HCLTech in Mexico, CNG price rise, oil purchase and more

From HCLTech announcing plans to hire more people over next 2 years to India's reiterating its choice of importing oil, here are the top headlines this evening

Prices of CNG, piped cooking gas hiked by Rs 3 as natural gas prices rise

The prices of CNG and cooking gas piped to household kitchens in the national capital on Saturday hiked by Rs 3 each in step with rise in input natural gas prices. The Rs 3 per kg increase in CNG price is the first hike in rates in over four months, while a Rs 3 per standard cubic metres increase in piped natural gas (PNG) was the first raise in two months. 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) -- the firm which retails CNG and piped cooking gas in the national capital and adjoining cities. This is the 14th increase in price since March 7. Rates were last increased by Rs 2 per kg on May 21. In all, the CNG price has risen by Rs 22.60 per kg during this period. Since April 2021, CNG prices have increased by Rs 35.21 per kg or 80 per cent, according to data compiled by PTI. Simultaneously, the rates of gas piped to household kitchens, called pi

Will the spike in natural gas prices affect related stocks?

Govt's 40% spike in natural gas prices is likely to have a mixed impact across related-sectors. Find out the sectoral impact of rise in gas-price and if it's time for investors to redesign portfolio

ONGC, Oil India to gain most from gas price hike; IGL worst hit: Analysts

Analysts at Antique stock Broking said every $1/mmbtu rise in gas prices is expected to lift ONGC, and Oil India's standalone Ebitda by 4 per cent, and 7 per cent, respectively

CNG price shoots up by Rs 6 to Rs 86/kg; PNG up by Rs 4 to Rs 52.50/SCM

City gas utility Mahanagar Gas has increased the retail price of compressed natural gas (CNG) and piped natural gas (PNG) by Rs 6/kg and by Rs 4/ SCM respectively in and around the megapolis from Monday midnight. Accordingly, the revised retail price of CNG will be Rs 86/kg and domestic PNG will be Rs 52.50/SCM, MGL said in a statement on Monday evening. The state-run company blamed the 40 per cent increase in input prices by the government from October 1 for the steep increase in the retail prices along with the supply cut. The oil ministry's petroleum pricing & analysis cell on September 30 announced new prices for the next six months from October 1, wherein domestically produced gas prices were increased by a steep 40 per cent. In April 1, the same had been increased by a much higher 110 per cent, citing rising international prices. The government revises gas prices twice annuallyfrom April 1 to September 30 and from October 1 to March 31. So, the price for October 1 to March ..

Automakers decrease production of CNG vehicles as natural gas prices rise

CNG automakers have reduced their production targets to 500,000-550,000 vehicles for FY23. At the beginning of the current financial year, this target was 700,000-750,000

Prices of natural gas likely to increase to record level this week

Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to USD 9 per million British thermal units from current USD 6.1. Simultaneously, difficult fields like the ones in Reliance Industries Ltd and its partner bp plc operated D6 block in KG basin, are likely to get around USD 12 mmBtu compared to the current rate of USD 9.92, two sources aware of the matter said. These are the highest rates for administered/regulated fields (like ONGC's Bassein field off the Mumbai coast) and free-market areas (such as the KG basin). Also, this w

Mumbai taxi and auto drivers to go on an indefinite strike from Sep 15

Over 200,000 autorickshaw drivers and 48,000 taxi drivers are expected to join the indefinite strike

Deflating gas economy: Kirit Parikh has a tough task on hand as prices soar

As global prices soar, another committee to review gas pricing policies may find the going more challenging