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Following the recent 62% hike in prices of domestically produced gas announced by the Centre, Mahanagar Gas has increased the retail price of compressed natural gas (CNG) and piped natural gas (PNG) by 2.97 and 1.26 respectively, with immediate effect.

In the last 2 weeks, the company has hiked CNG price by 5.56/kg (10.7%) & PNG by 3.53/scm (11.6%). 

Given the massive increase in supply side cost, the company is constrained to increase the base price, MGL had said in a statement last week. 

Noting that the re-gasified liquefied natural gas price is also at a historical high now, MGL said these combinations have resulted in a significant increase in the cost of gas being procured by it.

This has forced the firm to pass on the price revision on a progressive manner as the rate hike from the supply side is too large to be passed on at one go, it added.

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