Mahanagar Gas Hikes CNG, PNG Prices Amid Rising Input Costs

Mahanagar Gas Limited (MGL) has increased the prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) due to a rise in input costs linked to international indices. The company announced that it would increase the price of CNG by Rs 2 per kg, making it Rs 88 per kg in Mumbai. The price of PNG has also been hiked by Rs 1 per SCM, taking its new rate to Rs 53 per SCM.

The price hike is effective from midnight on September 1 and affects around 13 lakh CNG vehicles in Maharashtra and Karnataka that depend on MGL's supply network. This increase comes after Indraprastha Gas Limited (IGL) raised CNG prices by Rs 3.89 per kg last week, making it the second price hike for CNG in a short span.

Mahanagar Gas cited Middle East tensions as the reason for the price hike, stating that it had no choice but to pass on the increased input costs to consumers. The company's share price closed at Rs 1,069, down Rs 22.60, or 2.07 per cent, from the previous close of Rs 1,091.60.