Gujarat Gas, a GPSC group company under the Government of Gujarat has raised the commercial PNG price by Rs 1.5 per scm to Rs 49.5 per scm.
Morbi Ceramic Association on CNBC-TV18 said that it didn’t expect a price hike from the company. It added that Gujarat Gas increased prices as Morbi players moved back from propane to gas. Propane price is now 15 percent higher than natural gas.
It also predicted that the industry would shift back to natural gas as propane prices will increase from March 1.
Gujarat gas earlier this week appointed IAS Mona Khandhar to its board of directors.
"The Board of Directors have appointed Mona Khandhar, lAS, Principal Secretary (EA) Finance Department, Government of Gujarat as Additional Director on the Board of Gujarat Gas Limited with effect from February 20."
It also added in the filing that Khandhar is not debarred from holding the office of director by virtue of any SEBI order.
Gas distribution company early this month reported a net profit of Rs 371 crore in the third quarter of 2022, a decline of 8.2 percent from the previous quarter. A CNBC-TV18 poll estimated the net profit to come in at Rs 186 crore. However, company's EBITDA/scm came at Rs 8.7/scm, down five percent on quarter-on-quarter basis.
During this quarter, Gujarat Gas added 228 commercial customers, and commissioned 49 new industrial customers. The company added 12 new CNG stations, surpassing the 750 stations mark.
First Published: Feb 23, 2023 9:42 AM IST
