Adani Gas Ltd, a subsidiary of Adani Enterprises Ltd has increased prices of compressed natural gas (CNG) and natural gas for industrial consumers with effect from midnight of May 15, 2012, a company official informed. The company has attributed hike in gas prices to increase in price of imported liquified natural gas (LNG) and fluctuations in currency exchange rates.
The CNG prices are hiked by Rs 2.80 per kg from Rs 50.20 a kg to Rs 53 a kg. This includes 14.42 per cent excise duty and 15 per cent value added tax (VAT). Adani Gas has also increased gas prices for its industrial consumers from Rs 34.25 per per standard cubic meter (scm) to Rs 37.25 per scm excluding 15 per cent VAT. "This revision in the CNG prices have been necessitated due to increased prices of liquified natural gas and fluctuation in currency exchange rates," said Rajeev Sharma, CEO, Adani Gas in a statement on Tuesday.