IGL spurts up on price hike

Indraprastha Gas Ltd (IGL) is doing well in the opening session today morning. Currently, the stock price has risen 2.5% to Rs.249.55. Its 52-week high is at Rs.344.50.

IGL has hiked the selling price of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi and adjoining territories. CNG price in Delhi was hiked by Rs. 1.70 per kg to Rs. 44.30 a kg. PNG price in Delhi has been increased by Rs. 1.30 per scm to Rs. 29.55 per scm.

The company has stated that the revision in retail prices of CNG and domestic PNG has been effected after taking into account the overall impact on the cost, as a result of the increase in prices of domestically produced natural gas notified by the government and appreciation of the dollar as compared to rupee since the last price revision.

IGL has said that the price hike would have only a marginal impact on the per km running cost of vehicles. For autos, the increase would be 5 paisa per km, for taxi it would be 8 paisa per km and in case of buses, the increase would be 48 paise per km.