Mumbai, 30 May. Compressed Natural Gas (CNG) prices have been increased in the Mumbai Metropolitan Region (MMR). On Saturday, Mahanagar Gas Limited (MGL) increased CNG prices by Rs 2 per kg. Due to which the retail rate has increased to Rs 86 per kg. The new prices will be applicable in Mumbai, Thane, Navi Mumbai and other areas served by the company. This is the second increase in CNG prices this month; Earlier on May 14, MGL had increased the prices by Rs 2 per kg. Let us inform that the company has also increased the rates of piped cooking gas (PNG) in MMR by 50 paise per unit.

The price increase has been driven by continued pressure on international energy markets and supply disruptions caused by the ongoing conflict in West Asia. Petrol and diesel prices have also been increased in recent weeks, as state-owned oil marketing companies have passed on the impact of the rise in global crude oil prices to consumers. In Mumbai on Saturday, the price of petrol was Rs 111.21 per liter and the price of diesel was Rs 97.83 per liter. Meanwhile, the central government has directed state-owned fuel retailers to strengthen Liquefied Petroleum Gas (LPG) stocks to ensure adequate supply. Oil marketing companies have been urged to maintain stock of LPG equal to at least 30 days of domestic demand.

The Ministry of Petroleum and Natural Gas said earlier this week that on government instructions, public sector oil companies are currently incurring losses of up to Rs 550 crore per day on the sale of petrol, diesel and LPG. The reason for this is that in order to protect domestic consumers, they have not passed the entire burden of the increase in global prices on them. The ministry said the supply of crude oil, petrol and diesel remains adequate but shortages have emerged at some places due to panic buying.