From Feb 1, MGL slashes CNG price by Rs 2.50/kg for Mumbai

  • IANS
  • Stock Market News
From Feb 1, MGL slashes CNG price by Rs 2.50/kg for Mumbai
Credit: © Reuters.

Mumbai, Jan 31 (IANS) The Mahanagar Gas (NS: MGAS ) Ltd (MGL) has slashed the price of Compressed Natural Gas (CNG) for Mumbai and surroundings by Rs. 2.50/kg with effect from February 1 midnight, an official said here on Tuesday.

Accordingly, the revised prices of CNG, used in vehicles, will come down from Rs 89.50/kg to Rs 87/kg, and will prove 44 per cent cheaper compared with petrol prices at the current price levels.

In October 2022, the CNG prices were hiked from Rs 80/kg to Rs 86/kg, followed by another upward revision from Rs 86/kg to Rs 89.50, and now be available at Rs. 87/kg, benefitting over 800,000 consumers using gas-powered vehicles.

The latest downward revision is in anticipation of increased allocation of domestically produced gas from the HPHT to CGD entities by the Ministry of Petroleum & Natural Gas, which will reduce the MGL's input costs, said the spokesperson.



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