Gujarat Gas Limited has increased industrial gas price by Rs 2.40 to Rs 40.83 per standard cubic metre (scm) from the existing Rs 38.43 per scm, CNBC-TV18 reported on August 20, citing sources. The price hike is due to higher spot liquefied natural gas (LNG) prices, according to the report.
The new price will be effective from August 21, according to the report, which added that Gujarat Gas has hiked the price after five straight price cuts in 2023.
At the beginning of the year, the industrial gas rates were Rs 47.93/scm. After the fifth price cut by Gujarat Gas in 2023, in the month of May, the industrial gas rate was Rs 38.43 per scm.
Earlier this month, Gujarat Gas reported a 43.4 percent year-on-year decline in consolidated net profit at Rs 216 crore in the first quarter of the financial year 2023-24. The company reported an EBITDA of Rs 412.71 crore in Q1FY24, compared to 626.39 in the same period last year.
Gujarat Gas said that its total gas sales volume for the quarter stood at 9.22 mmscmd (million metric standard cubic meters per day), compared to 8.86 mmscmd in the preceding quarter. Industrial volume increased 10 percent from the earlier quarter (Q4FY23) to 5.88 mmscmd.
On August 18, shares of Gujarat Gas closed at Rs 452.55 a piece on the NSE, down 0.36 percent.