Friday, 30 December 2011

CNG Price to increase by Rs 1.75 per Kg in Delhi from today Midnight

Fuel hike has been one of the most common news across the Oil section these days. Wonder why is it so much, One day it's petrol price hike, the next day comes a diesel hike and the very next day a CNG price hike. The uncertain government policy has made it difficult for the common masses to take a decision on vehicle purchase and at the same time the investments are being delayed by the auto makers in order to get a clarity on fuel hike decision.

As per the latest news article, the price of compressed natural gas (CNG) has been hiked by Rs 1.75 per kg in the national capital with effect from midnight tonight, mainly on account of rupee depreciation against the US dollar. The new consumer price in Delhi will be Rs 33.75 per kg, while it will be Rs 37.90 per kg in Noida, Greater Noida and Ghaziabad. This is the fifth increase in CNG rates this year.

IGL had last raised CNG prices in Delhi by Rs 2 per kg to Rs 32 per kg from October 1. IGL Managing Director M Ravindran said: "We have been forced to increase the retail price of CNG due to a major increase in the input cost of entire pool of natural gas being sourced by us as a result of recent appreciation of the dollar vis-a-vis the rupee and the increased dependence on imported LNG."

The hike was necessitated because IGL bought expensive imported LNG to make up for the stoppage of supplies from Reliance Industries' eastern offshore KG-D6 gas field because of a fall in output.


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