Mahanagar Gas increases CNG, PNG prices on rupee depreciation - NDTV

Mumbai: City gas distributor Mahanagar Gas (MGL) on Sunday increased the price of compressed natural gas (CNG) - used as fuel by almost all the taxis and autos in the metropolis - by Rs 2 per kg due to the recent fall in the local currency. The price of domestic piped natural gas (PNG) has been increased by Rs 2.19 per standard cubic meter. The move, which will come into effect from Sunday midnight, was necessitated in "order to recover part of increase in overall input costs and rupee depreciation against US dollar", an MGL statement said. The announcement follows oil retailers announcing increase of Rs 1.82 per litre of petrol on Friday due to the slide in rupee. (Read: Petrol price hiked by Rs 1.82 a litre) The rupee, on the other hand, has depreciated by 12 per cent since May and breached the Rs 60 against the dollar mark last week. (Read: Rupee gains most in 9 months to end at Rs 59.38) Accordingly, the revised price of CNG will go up to Rs 35.95 per kg in Mumbai and Rs 36.47 in the neighbouring suburb of Thane, it said. Price of PNG will go up to Rs 24.09 per SCM in Mumbai and Rs 24.17 in Thane, the statement said. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG7cpeQJHDWus_QCBckcrisVx2Yrg&url=http://profit.ndtv.com/news/corporates/article-mahanagar-gas-increases-cng-png-prices-on-rupee-depreciation-323897

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