India's Gas Prices Skyrocket Amidst West Asia Disruptions
India's gas prices have seen significant increases in recent weeks, mainly due to disruptions in West Asia. On August 29, IGL (Indraprastha Gas Limited) raised its CNG (Compressed Natural Gas) price in Delhi by ₹3.89 per kg, taking the total cost to ₹86.98 per kg. This increase is attributed to a sharp rise in international LNG (Liquefied Natural Gas) prices.
IGL stated that despite the earlier phase of the Hormuz crisis, Delhi CNG prices had remained relatively stable. However, with the renewed West Asia crisis and disruptions to gas cargo movements through the Strait of Hormuz, IGL was forced to adjust its pricing accordingly.
The cumulative rise in CNG prices this year now stands at nearly ₹10 per kg. The increase took effect from 6 am on August 29, affecting consumers in Delhi. Rates differ across states due to local taxes such as VAT (Value Added Tax).