CNG prices to jump by up to Rs 11.7 due to gas price hike
New Delhi: The government decision to double natural gas prices from April next year will translate into a hike of Rs 8.20-Rs 11.72 per kg in CNG rates in cities like Delhi and Mumbai. The government had in late June decided to price all domestically produced natural gas at an average of global hub rates and cost of imported LNG. Accordingly, gas price is expected to be in the range of USD 8.2 to 8.4 per million British thermal unit in April as against current USD 4.2. “If it is presumed that the city gas distribution entity is operating entirely on domestic gas, the impact of USD 1 per mmBtu increase in price of domestic gas would result in a price hike of Rs 2.93 per kg of CNG,” Minister of State for Petroleum and Natural Gas Panabaaka Lakshmi said. For cities like Mumbai, the USD 4 per mmBtu hike in natural gas price will translate into Rs 11.72 per kg hike. CNG or compressed natural gas in Delhi currently costs Rs 41.90 per kg and the same in Mumbai is priced at 35.95.

HDIL promoters haven’t paid loan interest
New Delhi: Realty firm Housing Development and Infrastructure Ltd (HDIL) said its promoters have not paid interest on loan taken for their personal use. The news came on a day when the company’s share price fell by 12.23 per cent to Rs 26.90 on BSE, a 52-week low. “We are informed by the promoters that they have taken a mortgage loan against their property situated at Goa for their personal use and interest on the said loan was not paid. We are informed by promoters that they will be clearing the dues shortly and matter is being sorted out and resolved with the lenders,” HDIL said in a filing to the BSE. Promoters hold 36.17% stake in the firm as on June.

Govt to construct 12.5 MMT storage unit
New Delhi: The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha that in order to further increase the strategic crude oil storage capacity, the government, through Indian Strategic Petroleum reserves Limited (ISPRL), has undertaken a detailed feasibility study for construction of additional 12.5 Million Metric Tonne (MMT) of crude oil storages in Phase-II at four locations. These locations are Bikaner, Rajkot, Chandikhol and Padur. ISPRL is setting up Strategic Crude Oil Reserves with storage capacity of 5.33 MMT at three locations.

Assocham wish-list from Monsoon Session
Mumbai: Industry body Assocham has urged all Members of Parliament (MPs) to prioritize key bills, which are highly crucial for economic and social development. ASSOCHAM’s wish list from the Monsoon session includes The Companies Bill, The Pension Fund Regulatory and Development Authority Bill and the Direct Taxes Code Bill. Rana Kapoor, President, Assocham stated, “To help bring the economy back on the 8%-plus growth trajectory, adequate measures need to be taken by all political parties to ensure a smooth functioning of both the houses”.

Moily: IGL to providing PNG in Delhi
New Delhi: Minister of Petroleum & Natural Gas Dr. M Veerappa Moily told the Rajya Sabha that Indraprastha Gas Ltd (IGL) endeavors to provide connections (Piped Natural Gas – PNG connections) to all feasible areas in Delhi. Replying to specific query, he added that IGL’s pipeline network laying work is already in progress near Samalkha crossing, 2 kms form Kapashera village. Supply of PNG at various locations is dependent on various factors like technical feasibility, availability of digging permission from civic agencies & customer response.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal