Following the government's approval of numerous significant suggestions from Kirit Parikh's committee, prominent oil and gas firms are now starting to decrease the cost of natural gas pricing, which includes CNG and PNG. Adani Total Gas, GAIL (India), Mahanagar Gas, and Indraprastha Gas are the latest to follow the recommendation, subsequently lowering prices .
Mahanagar Gas and Adani Total Gas implemented a decrease of ₹8 and ₹8.13 per kg for CNG and an approximate decrease of ₹5 per standard cubic meter (SCM), respectively. Additionally, Indraprastha Gas decreased prices by ₹6 for both CNG and PNG.
Throughout the past five years, ONGC and Oil India Ltd had petitioned the government for a floor price since they had been selling petrol at a loss when costs remained below the cost of production. In the span of 3 years, the price of shares of ONGC has returned approximately 100%. However, its value has lost about 10% in the past year.
Domestic petrol prices will be decided by the price of crude oil that is imported and will be 10% of the overall Indian crude basket. It is going to be updated on a monthly basis. Natural gas rates in your region were updated as of April 8th, 2023. Almost all of the firm's CNG and PNG price hikes went into effect on April 9th.
Edited by: Alanna Fullerton
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