IGL Hikes CNG Prices in Delhi Amid Rising LNG Costs

Indraprastha Gas Ltd's shares are in focus on Monday after the company raised compressed natural gas prices in Delhi by ₹3.89 per kg over the weekend.

The retail CNG price in Delhi is now ₹83.09 per kg, following a 7.8% increase since February when Iran's war began.

IGL attributed the price hike to sharply higher imported spot liquefied natural gas costs, which have nearly doubled since the West Asia crisis intensified in February.

Citi brokerage firm has a 'buy' rating on IGL with a target price of ₹180 per share, an upside of 22.1% from its previous close.

The brokerage said IGL's sharp CNG price hike appears to be a well-calibrated move, without meaningfully impacting volume growth.