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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.
India's 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.