By Malvika Gurung
Investing.com -- Shares of the natural gas distributor Adani Total Gas (NS: ADAG ) Ltd were locked at a 5% upper circuit on Monday at Rs 906.15 apiece after the company reduced the prices of CNG and PNG over the weekend.
The Adani Group major cut the prices of compressed natural gas (CNG) and piped natural gas (PNG) on Saturday, following the Indian Government’s recent change in the pricing formula of natural gas to put a check on the runaway prices of cooking gas.
Adani Total Gas announced to reduce the price of CNG by up to Rs 8.13/kg and that of PNG by up to Rs 5.06/scm (standard cubic meter), coming into effect from April 8, 2023.
As per the revised rates, CNG will cost Rs 72.03/kg in Vadodara from Rs 79.33/kg earlier, and Rs 73.29/kg in Ahmedabad as compared to Rs 79.34 before the cut. Its prices have been pared in 21 cities where ATGL operates.
Similarly in Ahmedabad, PNG will cost Rs 49.83/scm from Rs 53.9 earlier.
“In line with our policy to prioritize our end consumers, ATGL has decided to pass through the benefit of the New Gas Pricing guidelines announced by the Government of India to the large numbers of Home PNG and CNG consumers, thus enhancing the affordability of PNG and CNG with a saving of over 40% for CNG consumers as compared to Petrol prices and around 15% for Home PNG consumers as compared to LPG prices,” said ATGL in a statement on Saturday.
The substantial reduction in the CNG and PNG prices shall bring the much-needed relief to the large number of users of both CNG and PNG in the country, the Adani Group company added.
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