India’s leading city gas distributor Indraprastha Gas Limited (IGL) on Sunday increased CNG prices by INR 1 per kg across its network-marking the second hike within 48 hours
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NEW DELHI — India’s leading city gas distributor Indraprastha Gas Limited (IGL) on Sunday increased compressed natural gas (CNG) prices by INR 1 per kg across its network -- marking the second hike within 48 hours and adding to the fuel cost burden on commuters in the Delhi-NCR region.
Following the latest revision, the price of CNG in Delhi has risen to INR 80.09 per kg, crossing the INR 80-mark for the first time. In Noida and Ghaziabad, CNG will now cost INR 88.70 per kg.
The latest increase comes just two days after IGL had raised CNG prices by INR 2 per kg on May 15, taking the Delhi rate to INR 79.09 per kg at that time.
Sunday's hike has further pushed up transportation costs for private vehicle owners, cab operators and public transport users dependent on CNG.
The recent CNG price revisions coincided with a broader increase in retail fuel prices announced by the Centre on May 15.
Petrol prices were raised by around INR 3 per litre and diesel by nearly INR 3 per litre in the national capital.
Also read: Global oil shock: Petrol and diesel prices up by INR 3 per litre, CNG gets costlier by INR 2
Following the revision, petrol in Delhi is retailing at INR 97.77 per litre, while diesel costs INR 90.67 per litre.
The fuel price surge comes amid escalating tensions in West Asia and the continuing blockade of the Strait of Hormuz, one of the world’s most critical energy trade routes.
Nearly one-fifth of global oil and gas trade passes through the narrow passage, and supply disruptions have pushed international crude oil prices sharply higher.
Responding to criticism over rising fuel costs, Kiren Rijiju said India has managed to limit the increase in petrol and diesel prices despite a sharp spike in global crude prices.
He noted that several countries witnessed fuel price increases ranging from 20 per cent to nearly 100 per cent, while India’s petrol and diesel prices rose by only 3.2 per cent and 3.4 per cent, respectively.
Rijiju added that even as Brent crude crossed the $100 per barrel mark and global markets turned volatile, India’s public sector oil marketing companies absorbed significant losses for weeks to shield consumers from a larger inflationary impact.