Adani Gas, IGL, MGL Share Price: Shares of gas distribution companies jumped up to 11 per cent on May 26, after prices for compressed natural gas (CNG) were hiked for fourth time in less than twoweeks amid rising global energy costs.
Adani Total Gas (ATGL) led the rally, with its shares surging as much as 11 per cent to Rs 731.50 apiece, followed by Indraprastha Gas (IGL), which surged up to nearly 6 per cent to Rs 170 apiece, and Mahanagar Gas (MGL) up to 3.16 per cent to Rs 1,108.50 per share. ONGC shares also gained up to 1.50 per cent to Rs 289.25.
The rally in these stocks lifted the Nifty Oil & Gas index by as much as 0.45 per cent. Dragging the index were Petronet LNG, and oil marketing companies such as Bharat Petroleum (BPCL), Indian Oil (IOCL), and Hindustan Petroleum (HPCL), which are witnessing profit booking after the rally in previous session on forth hike in the price of petrol and diesel.
CNG Prices Hiked By Rs 2 Per Kg
IGL, North India’s largest city gas distributor with a strong presence across Delhi-NCR and nearby cities, raised CNG prices by Rs 2 per kg from May 26 after announcing a Re 1 per kg hike on May 23. Since May 15, the company has increased CNG prices by a cumulative Rs 6 per kg.
Customers will now have to pay Rs 91.70 per kg for CNG in Delhi, Rs 88.12 per kg in Gurugram, and Rs 92.44 per kg in Ajmer.
The latest hike in CNG prices comes amid volatility in global crude oil prices and persistent geopolitical tensions in West Asia. CNG is widely used as a transportation fuel across India by public transport fleets, taxis, and private vehicles.
This is a developing story...
