Compressed Natural Gas (CNG) prices in Delhi hiked by Rs 2 for the fourth time in two weeks. The cost of CNG in the national capital is now Rs 83.09 per kg. The revised prices came into effect at 6 am on May 26.
This marks the second rise in CNG rates within nine days and the third in just 11 days. Earlier, by Rs 2 on May 15, by Re 1 on May 18, and then again by Re 1 per kg on May 23.
After the previous revisions, CNG prices in Noida, Greater Noida and Ghaziabad had climbed to Rs 89.70 per kg. also witnessed a similar rise, with CNG currently priced at Rs 84 per kg. There has, however, been no revision in the rates of piped natural gas supplied to homes or in domestic LPG cylinder prices so far.
The latest increase comes at a time when oil marketing companies are grappling with higher international crude oil prices.
Tuesday’s hike is expected to affect public transport services as well, especially in cities such as and Mumbai where a significant number of buses, taxis and autorickshaws operate on CNG.
At the same time, concerns over possible disruptions in the Strait of Hormuz remain. The strait is a crucial route for global oil shipments due to the continuing US-Iran conflict have contributed to the upward pressure on prices.
The United States military on Tuesday said it , targeting missile launch sites and boats laying mines. This has further put the future of the status of the Strait of Hormuz in doubt. The strait has remained closed since March 1, a day after the US and Israel carried out joint strucks.
International crude oil markets have remained volatile because of supply worries linked to tensions in the Gulf region. Brent Crude is currently trading at USD 98 per barrel while West Texas Intermediate (WTI) crude price is trading around USD 91 per barrel.
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Petrol and diesel prices were revised upward again on Monday, marking the fourth fuel price hike in less than two weeks amid fluctuations in global crude oil markets and continuing geopolitical tensions in West Asia.
After the latest revision, petrol prices in Delhi crossed Rs 100 per litre. Petrol became costlier by Rs 2.61 and is now retailing at Rs 102.12 per litre, while diesel prices rose by Rs 2.71 to Rs 95.20 per litre. Similar increases were recorded in other metro cities including , Mumbai and , putting additional pressure on consumers as well as transport operators.
In Kolkata, petrol prices climbed by Rs 2.87 to Rs 113.51 per litre and diesel prices increased by Rs 2.80 to Rs 99.82 per litre. In Mumbai, petrol rates went up by Rs 2.72 to Rs 111.21 per litre, while diesel rose by Rs 2.81 to Rs 97.83 per litre. Chennai also saw fuel prices move higher, with petrol increasing by Rs 2.46 to Rs 107.77 per litre and diesel rising by Rs 2.57 to Rs 99.55 per litre.
