Adani Total Gas cuts CNG prices by ₹8.13/kg, PNG by ₹5.06/scm
.webp)
Adani Total Gas Ltd (ATGL), part of billionaire Gautam Adani’s group of companies, on Saturday reduced prices of compressed natural gas (CNG) by ₹8.13 per kg and those of piped natural gas (PNG) by ₹5.06 per standard cubic metre (scm).The new prices are effective as of today.
This comes a day after the Union Cabinet announced new gas pricing guidelines for the bulk of domestically-produced natural gas by state-run explorers.
The Union Cabinet on Thursday approved new gas pricing guidelines, paving the way for linking natural gas prices in India to global crude prices. Under the new guidelines, the price of natural gas will be 10% of the monthly average of the Indian crude basket, a weighted average of Dubai and Oman (sour) and Brent Crude (sweet) oil prices.
The Cabinet also approved a floor price of $4 per metric million British thermal unit (mmBtu) and a ceiling of $6.50 per mmBtu under the Administered Price Mechanism (APM) for gas pricing.
“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," Adani Total Gas said in a statement.
“...This will enable our industrial and commercial consumers to consume higher quantities of natural gas thus not only contributing towards the environment, but also optimizing their product costs," the company said.
According to a report by Crisil Ratings, the revised mechanism will help cut CNG, PNG costs by 9 -11%, which would have otherwise risen if the previous regime had continued.
“This revised gas pricing norms would lend greater stability to gas prices for city gas distributors and sustained competitiveness with alternative fuels, thus driving demand and supporting massive capex plans," it said.
Mahanagar Gas Limited (MGL), a subsidiary of Gail (India), has also announced a steep reduction in the retail price of CNG by ₹8 per kg and PNG by ₹5 per scm across its licenced area.
Other Latest News
.webp)
Ahead of today's announcement of the Jharkhand Assembly elections, the Jharkhand Mukti Morcha (JMM) on Tuesday alleged that the Election Commission is not acting independently and is under pressure from the BJP.
In Ranchi, JMM leader Manoj Pandey expressed his worries, said, "The election is to be announced today, but BJP leaders got information about it yesterday. This is a very serious matter. Does the commission work at the behest of BJP leaders? It is a serious matter to keep the commission as a puppet."
.webp)
Angel One shares have rallied by up to 9 per cent on the BSE in Tuesday’s intraday trade after the company reported a healthy 44 per cent year-on-year (YoY) jump in its consolidated profit after tax (PAT) at Rs 423.4 crore in September quarter (Q2FY25). Total income of the stock broking and allied services company grew 8 per cent YoY at Rs 1,516 crore during the quarter.
Angle One reported continued healthy performance on the back of strong client acquisition (around 3 million customers in Q2FY25), and an increase in client funding book (approximately 25 per cent sequentially).
.webp)
Budget carrier SpiceJet on Tuesday said it has successfully settled a $23.39 million dispute with two aircraft lessors -- Aircastle and Wilmington Trust, days after amicably resolving a similar dispute with a US-based aircraft leasing firm, BBAM.
As part of the settlement, all ongoing litigation and disputes between the parties will be withdrawn at appropriate forums, the airline said in a statement.
.webp)
Garuda Construction IPO listing today: Garuda Construction and Engineering's shares made a subdued debut on the stock exchanges on Tuesday. The company's shares listed at Rs 103.20 on the BSE, reflecting a premium of 8.63 per cent over the IPO issue price of Rs 95. On the NSE, the shares debuted at a premium of 10.52 per cent at Rs 105.
.webp)
The Resident Doctors' Association (RDA) of AIIMS, New Delhi, on Monday wrote an 'urgent' letter to the President of India, requesting immediate intervention in the ongoing hunger strike by doctors in West Bengal.
The hunger strike was sparked by the brutal rape and murder of a fellow resident doctor, on August 9 at Kolkata's RG Kar Medical College and Hospital.
.webp)
.webp)
.webp)
.webp)
.webp)
