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Mahanagar Gas cuts CNG price by 2.04 per kg, PNG by Rs 1.19 per unit

BusinessToday.In     October 3, 2019

In the run-up to assembly elections in Maharashtra, the state-owned Mahanagar Gas (MGL) on Thursday reduced the prices of domestic piped natural gas (PNG) and compressed natural gas (CNG) in Mumbai. The new prices will come into effect from midnight. The MGL has attributed the price cut to a recent fall in the natural gas prices.

"MGL has reduced its CNG price by Rs 2.04 per kg and PNG by Rs 1.19 per SCM in and around Mumbai effective from tonight," the company said in a statement.

As per the new rates, revised delivered prices of CNG will be Rs 49.95 per kg, while the PNG prices will come down to Rs 30.60 per SCM (slab 1) and Rs 36.20 per SCM (slab 2), inclusive of all taxes.

Also read: ONGC will lose over Rs 1,400 crore due to gas price reduction, says Moody's

"After the revision, MGL's CNG offers attractive savings of about 55 per cent and 29 per cent as compared to petrol and diesel respectively at current price levels in Mumbai," MGL said in its statement.

On September 30, the government announced a 12.5 per cent reduction in domestic natural gas price to $3.23 per million British thermal units (mmBtu) from $3.69 per mmBtu (on a gross calorific value basis). The price reduction, the first since April 2017, will be applicable from October 1, 2019 to March 31, 2020.

Also Read: ONGC fire hits CNG, PNG gas supply in Mumbai

Edited by Chitranjan Kumar with PTI inputs

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