Indraprastha Gas Shares Surge After CNG Price Hike Amid Global LNG Crisis
Indraprastha Gas shares jumped 2.54% to Rs 151.35 after the company announced a hike in compressed natural gas (CNG) prices by Rs 3.89 per kg.
The revised CNG price in Delhi is now Rs 86.98 per kg, while it costs Rs 92.10 per kg in Gurugram and Rs 95.59 per kg in Ghaziabad and Noida.
According to Indraprastha Gas, the increase was necessary due to the West Asia crisis, which has disrupted LNG cargo movements through the Strait of Hormuz, causing global LNG prices to nearly double from pre-crisis levels.
The company also cited the approaching winter season in Europe as a factor contributing to the price hike, as natural gas storage levels need to be replenished.
Despite the increase, Indraprastha Gas claimed that CNG remains one of the most economical fuel options for consumers in Delhi.