As of Saturday, 8th April, prices for CNG and PNG have been reduced by up to Rs 8.13/kg and Rs 5.06, respectively, by Adani Total Gas Ltd (ATGL), the flagship company of the Gautam Adani-led Adani Group.
A day after the Union government published an updated new pricing system for the majority of domestically produced natural gas by state-run explorers, the rates were altered. According to the administration, the new pricing structure will lower the price of PNG and CNG.
An expert group led by economist Kirit Parikh recommended a floor price of $4 per unit and a max price of $6.5 for natural gas generated from old APM fields run by state-sponsored explorers Oil & Natural Gas Corporation (ONGC) and Oil India Limited, which served as the basis for the Cabinet's decision (OIL). According to a report in ANI, ATGL is the second business, after Mahanagar Gas Limited (MGL), to update its CNG and PNG tariffs in response to the new Administered Price Mechanism (APM) price formula.
ATGL in a statement said: "Effective midnight tonight, ATGL is pleased to announce a reduction in the price of CNG up to Rs 8.13 per kg and the price of PNG up to Rs 5.06 per scm.”
The press statement issued by the company stated "In line with our policy to prioritize our end consumers, ATGL has decided to pass through the benefit of the New Gas Pricing guidelines announced by the Government of India to the large numbers of Home PNG and CNG consumers, thus enhancing the affordability of PNG and CNG with a saving of over 40 percent for CNG consumers as compared to Petrol prices and around 15 percent for Home PNG consumers as compared to LPG prices."
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