MGL Raises CNG Prices by Rs 2/Kg in Mumbai Amid Energy Crisis
Mahanagar Gas Ltd. (MGL) has announced a price increase of Rs 2 per Kg for CNG in the Mumbai Metropolitan Region, effective immediately. The rise is attributed to increased procurement costs, crude oil prices, and supply chain disruptions caused by geopolitical tensions, raising the rate to Rs 84 per Kg.
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Mahanagar Gas Ltd. (MGL) has increased the price of compressed natural gas (CNG) by Rs 2 per Kg, bringing the new rate to Rs 84 per Kg in the Mumbai Metropolitan Region. This decision follows heightened gas procurement costs and crude oil prices amid ongoing geopolitical conflicts.
Currently, Indraprastha Gas (IGL) has not adjusted its CNG prices since January, while Adani Total Gas has set varying rates across several cities. Analysts predict potential further increases from IGL and Adani Total due to the ongoing energy crisis.
MGL aims for a double-digit volume growth in FY27. The stock has gained 2%, with projections for margins to stabilize as supply conditions improve.
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