Mahanagar Gas Limited Share Price Zoom 5% After CNG, PNG Price Hike In Mumbai | Markets News

MGL shares opened at 1,752.20 in NSE as against its previous close of 1,669.00, jumping 4.86 percent higher at opening.

After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs.

Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said the increased prices will come into effect from the intervening night of July 8 and 9.

“To meet the increasing volume of CNG and domestic piped natural gas (PNG) segments and due to further shortfall in domestic gas allocation, MGL is sourcing additional market priced natural gas (imported LNG) which has resulted in higher gas cost,” the firm said in a statement.

To “partially offset the increase in gas cost”, MGL has increased the delivered price of CNG by Rs 1.50 per kg and domestic PNG by Re 1 per standard cubic meter in and around Mumbai.

Accordingly, the revised delivered prices inclusive of all taxes of CNG will be Rs 75 per kg and domestic PNG price will be Rs 48 per scm in and around Mumbai.

With PTI Inputs