Compressed natural gas (CNG) prices in Mumbai Metropolitan Region (MMR) have gone up as Mahanagar Gas Limited (MGL) raised prices by Rs 2 per kilogram, setting the new retail rate at Rs 86 per kg. This hike, the second this month, applies to Mumbai, Thane, Navi Mumbai, and other areas serviced by the company. Additionally, MGL has also increased the price of piped cooking gas by 50 paise per unit in MMR.
The surge in CNG prices is attributed to ongoing pressure in international energy markets and supply disruptions related to conflicts in West Asia. Notably, petrol and diesel prices have also seen an increase in recent weeks as state-run oil companies passed on the impact of higher global crude oil prices to consumers. In Mumbai, petrol is priced at Rs 111.21 per litre, while diesel stands at Rs 97.83 per litre.
Amidst these price hikes, the Central government has instructed state-run fuel retailers to bolster liquefied petroleum gas (LPG) reserves to ensure ample supplies. The government has emphasized the importance of maintaining LPG stocks equivalent to at least 30 days of domestic demand. It is highlighted that public sector oil companies are currently absorbing significant losses daily, amounting to Rs 550 crore, as they shield domestic consumers from the full brunt of global price increases.
