IGL raises CNG prices in Delhi-NCR by Rs 3.89 per kg

IGL has raised CNG prices in Delhi-NCR by Rs 3.89 per kg

NEW DELHI: Indraprastha Gas Limited (IGL) has raised CNG prices in Delhi-NCR by Rs 3.89 per kg amid rising import costs of liquefied natural gas (LNG). Effective Saturday, CNG will cost Rs 86.98 per kg in the capital. This is the fifth increase in CNG prices this year, and the first since May, when IGL raised prices by a total of Rs 6 per kg in four phases over a period of 10 days due to a global rise in energy prices amid the West Asia conflict. CNG is now priced at Rs 95.59 per kg in Noida and Ghaziabad, Rs 95.47 per kg in Meerut, and Rs 92.01 per kg in Gurugram. Like petrol and diesel, CNG prices vary across states due to different value-added tax structures.

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Rising CNG prices have impacted freight and passenger fares in Delhi-NCR, where a majority of auto-rickshaws, taxis and goods carriers run on the cleaner fuel. Sources said LNG prices have doubled globally since July this year compared with the pre-conflict period, due to the re-escalation of the West Asia crisis affecting cargo movements through the Strait of Hormuz. The Asia-JKM LNG benchmark has increased from nearly $11 per million British thermal units (MMBTU) in Feb this year to $23.4 in Aug, while the European TTF gas benchmark has also surged from about $11.3 per MMBTU to $23.3 per MMBTU. With the approaching winter season, Europe is storing large quantities of LNG, leading to a spike in prices.

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