Ashu Shinghal News Today

Ashu Shinghal added that the 20 percent drop in net profit it reported for the fourth quarter was primarily due to lower availability of APM gas and CNG price reduction announced by the company.

Indias city gas distributor Mahanagar Gas said it will consider hiking gas prices for customers if a shortfall in subsidised supply persists, a company executive said. Companies...

Companies including Indraprastha Gas, Gujarat Gas , Mahanagar Gas have seen their margins squeezed because the allocation of natural gas sold under government-set Administered Pricing Mechanism (APM) has fallen because of lower output at domestic wells. To make up the shortfall, the companies have to buy gas on the more expensive open market.

Spot liquefied natural gas (LNG) prices are currently trading at about $10 per million metric British thermal units due to a milder-than-expected winter and high inventory levels in Europe.

The joint venture aims to set up six LNG stations in Maharashtra in the first phase and subsequently expand its footprint across the country, said MGL managing director Ashu Shinghal, who will also be the chairman of the new entity.

MGL had reduced prices of CNG and PNG in April by Rs 8 per kg and Rs 5 per SCM, respectively, while in October, it had cut prices by Rs 3 / kg and Rs 2 / SCM.

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This follows MGLs Rs 700 crore expenditure from the prior year. The company expects to establish approximately 50 new CNG stations. "Besides new stations, we are keen on renovating older facilities and expanding our PNG infrastructure," Shinghal said.

It is not exactly saturating we have volume around 0.45 million standard cubic meter per day in the domestic households and we have around 55 to 60% penetration. Plus, new households are getting added every year and year on year so the scope is there to take it further.

However, not all the staff quarters and bungalows of officials here have started receiving their PNG supply, which is expected to commence soon.