Petrol, Diesel, LPG Cylinder, and CNG Prices on May 14: MGL Raises CNG Rate in Mumbai
Petrol and Diesel Price Hike Looms as Mahanagar Gas Raises CNG Prices
Mahanagar Gas Limited has sparked concern over a potential hike in petrol and diesel prices after raising compressed natural gas (CNG) prices in Mumbai by Rs 2 per kg. The retail price of CNG now stands at Rs 84 per kg, a move that has left consumers on edge.
Despite the uncertainty surrounding petrol and diesel prices, the global market has remained relatively stable. Brent crude, a key indicator of crude oil prices, has hovered around $106 per barrel in recent days, offering little immediate relief on the energy cost front.
The Indian rupee has also faced pressure in the currency market, opening marginally weaker at Rs 95.73 against the US dollar on Thursday. This represents a slight decline from Wednesday's closing level of Rs 95.71, a reflection of the ongoing impact of elevated crude prices and external market volatility.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
CNG Prices in Mumbai
| City | CNG Price (Rs/kg) | Change |
|---|---|---|
| Mumbai | 84 | +2 |
| Other cities | 82 | 0 |
The ongoing uncertainty over petrol and diesel prices has left consumers anxious, with many awaiting the official announcement on the next price hike. As the situation continues to unfold, one thing is clear: the impact of rising energy costs will be felt by consumers across the country.
Investor Takeaway
Investors should be cautious of potential price hikes in energy commodities.
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