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GSPC Gas cuts industrial gas price IN Gujarat
The price of industrial gas has been reduced from Rs30.70 per standard cubic metre (scm) to Rs29.70 per scm. with effect from Sunday.
Updated : Sep 16, 2012, 01:26 PM IST
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GSPC Gas, the city gas distribution (CGD) arm of state-owned GSPC, effected a minor reduction in industrial gas prices on Saturday. However, the prices of domestic piped natural gas (PNG) and compressed natural gas (CNG) have not been reduced.
Officials said that the price of industrial gas has been reduced from Rs30.70 per standard cubic metre (scm) to Rs29.70 per scm with effect from Sunday.
“The decision to cut the gas price will benefit about 1,600 industrial consumers of GSPC Gas across the state,” said an official.
The decision comes on the day of the DNA report which said that state government has unofficially asked CGD companies operating in the state to refrain from hiking CNG and domestic PNG prices till the assembly elections.
A GSPC Gas official attributed the reduction in industrial gas prices to the cooling of natural gas prices in the international markets in past couple of months. Spot LNG prices, which were quoting at around $18-19 per Million Metric British Thermal Units (MMBTU) a few weeks ago, are now in the region of $15 per MMBTU, which has provided some cushion to the CGD and enabled the price cut.
The official, who was speaking on condition of anonymity, did not offer any comment when asked if there was a possibility of cut in prices of CNG and domestic PNG. However, industry experts say that there may be slight reduction in CNG and domestic PNG prices if natural gas prices decline further. The state government levies 15% VAT on natural gas.
