There is no end to bad news for consumers. A day after milk prices went up by up to Rs2 a litre, the GSPC Gas on Tuesday announced a sharp hike of almost Rs5 per kg in CNG prices. This comes just ten days after Adani Gas too had hiked CNG prices.
Officials said that GSPC Gas revised CNG prices from the current Rs45.25 per kg to Rs50.20, i.e. by Rs4.95 per kg, an increase of almost 11%.
The GSPC subsidiary also hiked PNG prices for domestic consumers from Rs16.90 per standard cubic metre (scm) to Rs20.91 per scm. The prices are inclusive of all taxes and duties. The hike would come into effect from April 11.
Adani Gas had revised CNG prices from Rs45.50 per kg to Rs50.20 with effect from April 1, and it was just a matter of time before GSPC Gas too followed suit.
GSPC Gas cited its dependence entirely on imported gas in view of non-allocation of cheaper domestic gas by the Central government as the reason for the price hike. The company said that the situation had further compounded of late, due to increase in spot LNG prices in international markets and due to depreciation of the rupee vis-à-vis the US dollar.
"The hike was necessitated to cover the mounting losses," GSPC Gas said.
Following the revision, both Adani Gas and GSPC Gas now sell CNG at Rs50.20 per kg.However, GSPC Gas' domestic PNG is priced significantly lower than that of Adani Gas. Adani Gas sells domestic PNG at Rs24.50 per scm excluding of VAT, while GSPC Gas has revised PNG price to Rs20.91, which includes VAT and other levies.
Interestingly, Gujarat Gas Company, which operates city gas distribution network in south Gujarat, sells CNG at Rs44.95 per kg, and PNG at around Rs19 per scm.
Officials said that GSPC Gas revised CNG prices from the current Rs45.25 per kg to Rs50.20, i.e. by Rs4.95 per kg, an increase of almost 11%.
The GSPC subsidiary also hiked PNG prices for domestic consumers from Rs16.90 per standard cubic metre (scm) to Rs20.91 per scm. The prices are inclusive of all taxes and duties. The hike would come into effect from April 11.
Adani Gas had revised CNG prices from Rs45.50 per kg to Rs50.20 with effect from April 1, and it was just a matter of time before GSPC Gas too followed suit.
GSPC Gas cited its dependence entirely on imported gas in view of non-allocation of cheaper domestic gas by the Central government as the reason for the price hike. The company said that the situation had further compounded of late, due to increase in spot LNG prices in international markets and due to depreciation of the rupee vis-à-vis the US dollar.
"The hike was necessitated to cover the mounting losses," GSPC Gas said.
Following the revision, both Adani Gas and GSPC Gas now sell CNG at Rs50.20 per kg.However, GSPC Gas' domestic PNG is priced significantly lower than that of Adani Gas. Adani Gas sells domestic PNG at Rs24.50 per scm excluding of VAT, while GSPC Gas has revised PNG price to Rs20.91, which includes VAT and other levies.
Interestingly, Gujarat Gas Company, which operates city gas distribution network in south Gujarat, sells CNG at Rs44.95 per kg, and PNG at around Rs19 per scm.
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