New Delhi4 minutes ago
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Owners of autos, taxis, buses and goods vehicles in Delhi-NCR will be affected by the increase in CNG prices.
CNG price has increased by ₹3.89 per kg in Delhi-NCR. According to Indraprastha Gas Limited (IGL), the new price will be applicable from 6 am on Saturday. After this, CNG in Delhi will increase from ₹ 83.09 to ₹ 86.98 per kg. This is the fifth increase in the price of CNG this year.
According to IGL, the main reasons for increasing the price this time are the increasing import cost of LNG, rise in international gas prices and increasing demand for CNG. Earlier in May, due to the rise in international energy prices amid the West Asia conflict, IGL had increased the prices of CNG by a total of ₹ 6 per kg in four phases within 10 days.
₹95.59 in Noida-Ghaziabad, ₹92.01 per kg in Gurugram
After the new prices, CNG has become ₹95.59 per kg in Noida and Ghaziabad. Its price in Meerut is ₹95.47 and in Gurugram it is ₹92.01 per kg.
Like petrol and diesel, the prices of CNG also differ in different states. One reason for this is the different VAT rates applicable in the states. Despite the price increase in Delhi, IGL has said that CNG remains an affordable option for consumers compared to other fuels.
Impact on supply and price of LNG due to Hormuz crisis
IGL said the re-escalation of the West Asia crisis has affected freight traffic through the Strait of Hormuz. This has had a direct impact on the international LNG market. According to the company, global LNG prices have almost doubled compared to before the crisis.
The need to increase gas reserves in Europe before winter has also increased pressure in the international market. Due to this, the cost of imported LNG has increased, which has affected the price of input gas used for CNG.
Increasing demand for CNG increased dependence on imports
Due to the rapid growth of the Indian economy and increasing use of CNG in vehicles, its consumption has also increased. To meet the increasing demand, a large part of the input gas of the CNG sector is being met from imported spot LNG.
According to IGL, the cost of input gas has increased significantly due to both the expensive international LNG price and rising domestic CNG consumption. To reduce the impact of this increased cost to some extent, the company has increased the price of CNG by Rs 3.89 per kg.
Auto-taxi and freight transportation may be affected
A large number of autos, taxis, buses and goods carrying vehicles in Delhi-NCR run on CNG. In such a situation, the cost of fuel may affect the operating costs of these vehicles.
The increase in the price of CNG is also likely to impact passenger fares and freight costs in the future. This could especially have a greater impact on those people and businesses who depend on CNG-powered vehicles on a daily basis.
LNG benchmark price in Asia more than doubles
The rise in prices of LNG in the international market can be gauged from the JKM benchmark of Asia. In February this year, its price was around $11 per MMBTU, which increased to $23.4 in August.
Europe’s TTF gas benchmark also saw a big jump during the same period. It was around $11.3 per MMBTU in February, which increased to $23.3 in August. The rise in these global prices has also affected the cost of imported gas in India.
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