CNG Cost Jumps Rs 2 in MMR: MGL Blames Global Crunch

In a move that's sure to stoke inflation fears, Mahanagar Gas Limited (MGL) has increased CNG prices by Rs 2 per kg across the Mumbai Metropolitan Region (MMR), bringing the new price to Rs 84 per kg from May 14 midnight. As the primary supplier in this key urban corridor, MGL's adjustment hits millions of daily commuters reliant on affordable CNG for autos, taxis, and private vehicles. Global factors are at play here. Volatile energy markets, driven by elevated crude prices and a depreciating rupee, have compounded issues from the Hormuz Strait closure—a critical artery for 20% of the world's oil and gas shipments. US-Iran frictions have exacerbated these supply snarls, pushing costs upstream. Operating across Mumbai, Thane, Navi Mumbai, and MMR peripheries, MGL explained the hike stems from rising imported gas expenses, oil price spikes, currency woes, and Middle East instability. No such change in Delhi-NCR under IGL, but vigilance is high. The government's recent nod to sufficient petroleum reserves and steady LPG flows offers some solace, yet urban fuel dynamics remain tense. MGL stock responded positively, up 1.81% at Rs 1,065 midday, underscoring resilience in the sector. For MMR residents, this means tighter household finances and potential knock-on effects on transport fares. As international tensions simmer, questions loom: Will this be a temporary spike or the new normal for clean fuels in India's megacities?