Double whammy! After petrol and diesel, CNG prices increased for fourth time in two weeks

NEW DELHI: Compressed Natural Gas (CNG) prices have increased again in the country. The price of one kg of CNG has increased by Rs 2. With this, the price of one kg of CNG in Delhi has reached Rs 83.09. This is the fourth increase in the last two weeks. The revised rate came into effect from 6 am today.

The companies reasoned that the price hike was due to the increase in the price of natural gas in the international market and the increase in import costs. Amid the US-Iran conflict, the traffic through the Strait of Hormuz, a global oil transport route, was completely disrupted. This has led to a surge in crude oil prices in the global market.

As a result, there was a huge increase in petrol and diesel prices in the country in the last two weeks. On Monday alone, petrol was increased by Rs 2.61 per litre and diesel by Rs 2.71. The increase in fuel prices has been recorded at Rs 7.50 only after May 15.

Oil companies are indicating that fuel prices are likely to rise further. In addition to making up for the losses due to the increase in crude oil prices globally, public sector oil companies are trying to recover the losses incurred earlier on cooking gas and other items.

Sujatha Sharma, Joint Secretary, Ministry of Petroleum, said that before the price hike, oil companies were losing Rs 1,000 crore per day, and with the current price hike, it has been reduced to Rs 600 crore.