As a result, Mahanagar Gas Limited, (MGL) raised the retail prices of domestic Piped Natural Gas (PNG) by Rs 3/SCM (standard cubic metre) to Rs 48.50 and CNG by Rs 4/kg to Rs 80 in and around Mumbai.
The retail price of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) in the metropolis would increase by Rs 3/SCM and Rs 4/kg, respectively, as of midnight on Tuesday, according to the state-run utility Mahanagar Gas. The distributor blamed the rupee's decline and higher input gas costs for the price rises.
To make up for the shortage in local gas allocation, the firm has begun purchasing gas from the international market.
Since April 1, the Center has hiked the cost of domestic and imported natural gas by more than 110%. This reduced Value-Added Tax (VAT) on these fuels from 13.5% to 3.5% starting on April 1, entirely offsetting the state's sharp price cut announcement.
Even though the energy industry has been liberalised, the government still heavily regulates natural gas supply and pricing. Twice every year, prices and supply allocation are predetermined.
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