Shares of leading gas distributors Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) experienced significant declines on Friday, May 15, following compressed natural gas price increases. According to latest reports from NDTV, IGL shares dropped over 3% to trade at ₹150.31 while MGL shares fell over 3% to ₹1030.1. The benchmark NSE Nifty 50 was trading 0.50% higher during the same period, highlighting the sector-specific impact of the CNG price hikes. As per NDTV, IGL shares were trading at 21.36% down at 9:51 am while MGL shares were trading at 0.55% lower, showing continued pressure on both stocks throughout the trading session.
On Friday, Indraprastha Gas Ltd implemented a ₹2 per kg increase in Delhi CNG prices, bringing the rate from ₹77.09 per kg to ₹79.09 per kg. As reported by NDTV, this revision follows a similar hike announced in the Mumbai Metropolitan Region on Thursday. The price increase reflects disruptions in global energy markets linked to the ongoing Iran conflict, adding to recent increases in petrol and diesel prices. The rate revision comes amid disruptions in global energy markets linked to the ongoing Iran conflict, after recent increases in petrol and diesel prices.
The Mumbai Metropolitan Region saw CNG prices increase by ₹2 per kg on Thursday, with Mahanagar Gas Limited raising retail CNG prices to ₹84 per kg from the previous ₹82 per kg. According to NDTV reports, the revised pricing applies across Mumbai, Thane, Navi Mumbai and other MMR areas. The company attributed the increase to rising input costs and prevailing market conditions affecting the entire metropolitan region. CNG was previously priced at ₹82 per kg, with the latest hike taking effect from the current day.
Following the CNG rate hikes, auto-rickshaw unions have begun pressing for fare increases to offset the rising fuel costs. As reported by NDTV, auto unions argue that continuous rises in fuel prices are adversely affecting drivers' incomes, making it increasingly difficult to operate vehicles at current fare rates. The sector-wide impact reflects the broader cost pressures facing commuters and transport operators across major Indian cities. In Mumbai, transport unions have already demanded a fare revision following the hike, with autorickshaw unions pressing for a Re 1 increase in the base fare, which currently stands at ₹26, citing higher operating costs after the latest fuel price revision.
The CNG price increases come amid significant fuel market developments, with petrol and diesel prices hiked by ₹3 per litre each on Friday, marking the first rate increase in more than four years. According to NDTV, this petrol-diesel price increase comes 16 days after assembly elections concluded in Assam, Kerala, Tamil Nadu and West Bengal. Fuel prices had remained unchanged through the polling period despite a sharp rise in international oil prices triggered by the Middle East conflict. The latest developments show continued pressure on public transport operators and daily commuters across major Indian cities.
