Shares of MGL opened higher in trade today, up by 4% at Rs 1069 against its previous close of Rs 1028.85.
On October 1, Mahanagar Gas Limited (MGL) announced a significant reduction in the retail prices of Compressed Natural Gas (CNG) by Rs 3 per kg and Domestic Piped Natural Gas (PNG) by Rs 2 per SCM in Mumbai and its surrounding areas.
In their official statement, MGL expressed their delight in reducing the CNG price to Rs 76.00/Kg and Domestic PNG to Rs 47.00/SCM, effective from the midnight of October 1, 2023, and the morning of October 2, 2023.
MGL attributed this price cut to the reduction in the domestically produced High Pressure High Temperature (HPHT) Natural Gas by the Government of India. This step, as per MGL, aims to boost the widespread adoption of natural gas and increase its consumption both in domestic households and the transportation sector.
Highlighting their customer-friendly approach, MGL emphasized their commitment to promptly passing on any reduction in gas costs to consumers. This move not only benefits the residents but also contributes significantly to the growing utilization of natural gas in Mumbai and its neighboring regions.
