Gujarat Gas Raises CNG Prices by ₹1.50 per kg

1 Jan 2025 , 09:22 PM

Gujarat Gas has hiked the price of CNG by ₹1.50 per kg. The new rate would be at ₹79.26 per kg. The hike is effective immediately. With this hike, Gujarat Gas shares are seen gaining marginally and are trading at around ₹500 each after the change in prices.

In Pune, CNG prices for Maharashtra Natural Gas Limited (MNGL) also increased by ₹1.10 per kg as the price settled at ₹89 per kg, effective from the midnight of 27 December. MNGL added that the increase has been made by the company keeping in view of the global fluctuation in energy markets and import cost of the natural gas which is on rise.

The new price incorporates excise duty and state VAT, amounting to around 15% of the overall rise in price. The new CNG price in Pune will be applicable in areas covered by the Pune Municipal Corporation, such as Fursungi, Pisoli, and Ambegaon. Similarly, regions under the Pimpri-Chinchwad Municipal Corporation, like Hinjawadi and Chakan, fall into the new pricing range.

MNGL said that this decision to raise prices was a management decision over higher supply costs, and the needs of the customers were also considered. Price increases reflect increasing difficulties in the energy market both for companies and customers.