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Mahanagar Gas Shares Decline Even After Increasing CNG, PNG Gas In Mumbai Region
On the back of global surge in gas prices, Mahanagar Gas-a gas refinery company also increased the rates of compressed natural gas by Rs. 7 per kg and Piped natural gas by Rs. 5 per SCM in and around Mumbai. The new rates are effective from April 5 midnight.
Just last week, the company on Thursday announced a cut in the retail price of CNG by Rs. 6 per kg and piped gas by Rs. 3.5 per scm effective Friday. This was even when the government increased and in fact doubled the price of natural gas produced domestically.
Previously, the gas utility firm said that after the state government slashed VAT on natural gas to 3% fro m 13.5%, MGL has decided to pass on the benefit to end consumers.
On the fresh hike in CNG and PNG rates, Mahanagar Gas shares saw a decline in share price by close to 1 percent and last settled at a price of Rs. 820.7 per share on the NSE. In the last 1-month the company shares have gained a big over 14%.
