Ahmedabad, April 8: Adani Total Gas Ltd (ATGL) has reduced the price of CNG by up to Rs 8.13/kg and the price of PNG by up to Rs 5.06/scm with effect from April 8.

Adani Total Gas Ltd (ATGL) welcomes the Government of India's landmark decision to link the Administered Price Mechanism (APM) Price for gas supply to CNG vehicles and residential households to 10 per cent of the Indian crude basket with a floor of $4 and a cap of $6.5 per MMBTU, read a press statement from Adani Total Gas Ltd (ATGL).

"In line with our policy to prioritize our end consumers, ATGL has decided to pass through the benefit of the New Gas Pricing guidelines announced by the Government of India to the large numbers of Home PNG and CNG consumers, thus enhancing the affordability of PNG and CNG with a saving of over 40% for CNG consumers as compared to Petrol prices and around 15% for Home PNG consumers as compared to LPG prices," the statement read. Adani Group Appoints Former Israel Envoy to India Ron Malka As Executive Chairman of Haifa Port.

"Effective midnight tonight, ATGL is pleased to announce reduction in the price of CNG up to Rs 8.13 per kg and the price of PNG up to Rs 5.06 per scm. The reduction of gas prices in CNG and PNG in our various Geographical Areas (GA's) across the country is provided in the attached Table," added the statement.

ATGL believes that this landmark decision of reforming Gas Prices by the Government of India shall act as a growth catalyst to enhance the footprint of Home PNG and CNG vehicles in a rapid manner to ensure an increase in the share of natural gas from 6.5 per cent to 15 per cent in India's energy basket by 2030 in line with the vision of Government of India.

The substantial reduction in the CNG and PNG prices shall bring the much needed relief to the large number of users of both CNG and PNG in the country and in ATGL GA's. Further ATGL statement read, "Besides reduction in the prices of CNG and PNG as a result of the new Gas Price Guidelines, ATGL is also pleased to announce a reduction in PNG prices for our Industrial and Commercial Consumers by Rs 3.0 per scm its geographical areas (GAs)." Adani Group Share Block Deal Aids FPI Investment in Equities Turn Positive in March 2023.

"This will enable our Industrial and Commercial consumers to consume higher quantities of natural gas thus not only contributing towards the environment, but also optimizing their product costs," it said. "ATGL is one of the largest CGD private listed CGD Company currently supplying CNG and PNG to ~7 lakh domestic, ~4,000 commercial, ~ 2,000 industrial customers and over three lakh CNG users across our 460 CNG stations in India", it added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)