Gas Price Hike: Get ready for new blow of inflation, CNG-PNG prices may increase soon

Gas Price Hike: Get ready for new blow of inflation, CNG-PNG prices may increase soon

Natural Gas Price Hike: Common people may face the shock of inflation in the month of October. The government has increased the prices of domestic natural gas just before the beginning of October. After this increase, the price of domestic natural gas has increased from $8.60/MMBTU to $9.20/mBtu. The government has issued a notification on September 30 stating that the new rates will be applicable from Sunday i.e. October 1, 2023 to October 31, 2023.

Let us tell you that this is the second consecutive month when the government has increased the price of natural gas. Earlier in September also, the price of natural gas was increased from $7.85 to $8.60.

Common people will also be affected –

The increase in the price of natural gas will directly impact the cost cast of many sectors like fertilizer, power sector, steel petrochemical. Along with this, the general public may also be hit by inflation. After this increase, the possibility of increase in the prices of CNG and PNG has also increased. If this happens then common people may lose more money.

Common people are already troubled due to inflation. Recently, inflation started rising again due to increase in the prices of tomatoes and other vegetables. Now tomatoes have become cheaper and onions have started becoming expensive. Now the danger of gas inflation has increased.

How is the price decided

India takes natural gas from countries like Russia, America, United Arab Emirates and Qatar. These countries supply liquid natural gas to ONGC. After this it is supplied across the country. The government has also started fixing the prices of natural gas on a monthly basis. Earlier, the price was fixed for six months on the basis of international price, but in October 2022, the government changed the rules and decided to fix it on a monthly basis.

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