CNG price hike: Compressed natural gas gets costlier; check city-wise rates
Consumers in Delhi and surrounding areas brace for higher compressed natural gas prices as Indraprastha Gas Limited implements a price hike due to escalating imported liquefied natural gas costs. Effective August 29, this change is linked to surging international LNG prices and ongoing Middle East conflicts, impacting both freight and passenger fares in the region, following several prior…
Starting from August 29, compressed natural gas (CNG) prices will rise in Delhi and multiple other cities due to a significant surge in the cost of imported liquefied natural gas (LNG). Indraprastha Gas Ltd (IGL) revealed a Rs 3.89 per kg increase to take effect from this date.CNG will now be priced at Rs 86.98 per kg in Delhi, Rs 95.59 per kg in Noida and Ghaziabad, and Rs 92.01 per kg in Gurugram.
Price adjustments were made necessary due to the sharp elevation in international LNG prices, as a substantial portion of the gas used for CNG is imported. The revision aims to partially counterbalance the surge in input gas costs driven by the Middle East conflict's impact on international LNG prices, which have remained high since the conflict's inception.The news of CNG price hikes is the fifth increase in rates this year, following a previous revision in May, when IGL raised prices by a total of Rs 6 per kg across four stages over a ten-day period.
This increase was in response to a global uptick in energy prices amid the Middle East conflict. The ongoing conflict has lasted for nearly six months, with crude prices surpassing $90 per barrel, though they remain far below the previous peak of $126 per barrel, reached during the previous phase of the conflict.
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