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CNG price hiked for fourth time in two weeks
The price of Compressed Natural Gas was increased by Rs 2 in Delhi to reach Rs 83.09 per kg on Tuesday, reported The Indian Express. This is the fourth time that CNG rates have been hiked in two weeks.
Cumulatively, CNG has gotten costlier by Rs 5 per kg since May 15. The prices were increased by Rs 2 per kg on May 15, followed by a Re 1 per kg on May 17 and May 23.
After the revision on May 23, the rates in Noida and Ghaziabad were Rs 89.7 per kg, while CNG in Gurugram cost Rs 86.12 per kg.
The latest increase follows broader fuel price revisions announced on Monday, when petrol and diesel prices were raised by an average of Rs 2.8 per litre nationwide. This marked the fourth hike in the prices of the retails fueld within two weeks.
In Delhi, petrol now costs Rs 102.12 per litre, while diesel is priced at 95.20 per litre. The price of petrol in Mumbai has reached Rs 111.21 per litre and diesel went up to Rs 97.83 per litre.
Kolkata recorded the highest petrol price among the four metros at Rs 113.51 per litre, while rates in Chennai stood at Rs 107.77 per litre for petrol and Rs 99.55 per litre for diesel.
Since the revision of rates resumed on May 15 after a four-year freeze, the prices of petrol and diesel have risen by nearly Rs 7.5 per litre.
The increase comes despite some easing in global oil prices this week, following weeks of elevated crude prices linked to the conflict in West Asia.
Brent crude, which had risen as high as $106 a barrel on Friday and traded around $103 later in the session, fell to $97.7 a barrel early on Tuesday on hopes of a possible agreement between the United States and Iran.
The price of Brent was $78 per barrel on February 27, a day before the conflict started.
India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the Strait of Hormuz, which has been effectively blocked due to the conflict in West Asia.
Edited by Sneha.
Source: Scroll
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