Mahanagar Gas Limited (MGL) shares jumped nearly 2% following a ₹2 per kilogram increase in the price of Compressed Natural Gas (CNG) in Mumbai and surrounding areas. Effective immediately, the price of CNG has risen from ₹75 to ₹77 per kilogram.
The price hike comes amid escalating input costs, including higher natural gas procurement and operational expenses. MGL had previously increased CNG prices by ₹1.50 per kilogram in July 2024, citing similar cost pressures.
This move aligns with industry trends, as city gas distribution companies across India adjust prices to counter rising expenses. In June 2024, Indraprastha Gas Limited (IGL) raised CNG prices in Delhi to ₹75.09 per kilogram.
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