Fourth CNG price rise: IGL hikes rates by Rs 2 across NCR region

Indraprastha Gas Limited (IGL) on Tuesday announced another increase in Compressed Natural Gas (CNG) rates, taking the tally of hikes to four within a span of less than two weeks. CNG prices in Delhi were increased by Rs 2 per kg from Tuesday, extending a series of revisions that have taken place over the past two weeks. The latest change follows a Re 1 increase announced on Saturday and marks the fourth upward revision in CNG rates in less than 15 days.The repeated increase in CNG prices is likely to affect commuters using CNG-run vehicles, particularly in cities such as Delhi and Mumbai where buses and cabs heavily rely on the fuel.At the same time, oil marketing companies revised petrol and diesel prices upward on Monday for the fourth time in under two weeks. The latest increase comes amid fluctuations in global crude prices and continuing tensions in Middle East.Also read | With 4th hike in 11 days, petrol crosses Rs 100 a litre in capitalIn the national capital, petrol prices climbed by Rs 2.61 per litre to Rs 102.12, while diesel rates rose by Rs 2.71 to Rs 95.20 per litre.Kolkata recorded one of the sharpest increases among major cities, with petrol prices going up by Rs 2.87 to Rs 113.51 per litre. Diesel in the city rose by Rs 2.80 to Rs 99.82 per litre.In Mumbai, petrol prices increased by Rs 2.72 to Rs 111.21 per litre, while diesel became costlier by Rs 2.81 and is now retailing at Rs 97.83 per litre. Chennai also witnessed an increase, with petrol rates rising by Rs 2.46 to Rs 107.77 per litre and diesel prices moving up by Rs 2.57 to Rs 99.55 per litre.The latest revision adds to a series of increases announced earlier this month. Fuel prices were first raised by Rs 3 per litre each on May 15. This was followed by another hike of 90 paise per litre on May 19. On May 23, petrol prices were increased by 87 paise per litre and diesel by 91 paise per litre.Also read | Fuel price hike impact: How it will change what you eat, how you travel and what you can affordFuel prices are linked to international crude oil and gas prices, currency exchange rates and domestic levies. Ongoing tensions in Middle East and concerns over supplies have kept energy markets on edge, taking crude prices higher to $100 per barrel mark, from the $70 before the conflict.The successive hikes in transport fuels are expected to increase logistics and transportation expenses, which could also affect the prices of goods moved by road. Consumers may also see a rise in daily commuting costs.Meanwhile, the Centre had absorbed a revenue impact of nearly Rs 14,000 crore after reducing excise duty on petrol and diesel, according to Sujata Sharma, joint secretary in the petroleum ministry.The excise duty reduction of Rs 10 per litre on petrol and diesel was announced on March 27 following a sharp increase in global crude oil prices amid tensions in Middle East.