Financial Daily from THE HINDU group of publications
Friday, Jul 01, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 01, 2005 |
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Corporate
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Announcements Indraprastha hikes CNG price Our Bureau
New Delhi , June 30 Indraprastha Gas Ltd (IGL) today announced the revised selling price of compressed natural gas (CNG). The new price of Rs 18 per kg would take effect from Thursday midnight. According the company communiqué, the revision in prices would result in an increase of Rs 1.12/kg in the selling price of CNG, increasing from the current selling price of Rs 16.88. The increase in the price of CNG has come mainly due to increase in input cost, it said. Elaborating further, the company stated that the increase has become unavoidable due to the Government decision to increase the price of natural gas from Rs 2,850 to Rs 3,200 per 1000 standard cubic meters with effect from July 1, 2005. Explaining the compulsions leading to the increase in the price of CNG, Mr A.K. De, Managing Director, said, "The increase in price of CNG is primarily because of increase in input cost of natural gas apart from the introduction of new statutory taxes and levies." He further explained that this marginal increase will moderately impact the per kilometer running cost for the vehicles — auto by 3 paise, taxi by 5 paise and bus by 32 paise. Mr R.M. Gupta, Director Commercial, IGL, said, "It is worth mentioning that the last major increase in the consumer price of CNG took place in April 2002 and thereafter company has been bearing the increase on account of the operating costs and inflation. The increased consumer price of CNG in NCT of Delhi will still be the cheapest in the country, he said.
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