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Adani Total Gas Ltd has cut prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) across 19 geographical areas that it caters to after the government hiked the allocation of domestic gas and cut the unified base price.
Adani Total Gas reduced the price for domestic PNG by up to Rs 3.20 per SCM and that of CNG by up to Rs 4.7 per kg.
Earlier, Mahanagar Gas Limited (MGL) had cut CNG and PNG prices following the government intervention and now with Adani Total reducing the prices, the expectation is that the other players will also follow.
Adani Total Gas further said that they have done so because there is a decline in the unified base price which was hovering around levels of $10.2 per MMBtu in the first week of August.
The Adani Group also added that the cost of imported LNG is seeing a lot of volatility and the prices have touched a record high. They are trying to pass on those prices to the customers while ensuring that it does not hurt demand.
While the price cut has come as a relief for the customers but margins of the gas firm will remain under pressure and this is reflected in the stock price as well.
At 3.01 pm, shares of Adani Total Gas were quoting at Rs 3,446.25 down almost half a percent on BSE. The stock has, however, gained more than 97 percent so far this year.
First Published: Aug 19, 2022 3:05 PM IST