The people affected by inflation will receive significant assistance from the Modi administration. The cost of CNG-PNG will soon decrease in the nation. Important decisions were made on a number of matters, including the cost of CNG-PNG, during the cabinet meeting that Prime Minister Narendra Modi presided over on Thursday. Anurag Thakur, the minister of information and broadcasting, provided details on the decisions made during the meeting.
Anurag Thakur, a Union Minister, provided information
He stated that a cap on the rates of CNG and PNG gas supplied through pipes has now been decided. For this, a base price of $4 per mmBtu for APM petrol has been authorized. Also, it has been determined to maintain a maximum price.
The pricing was set using this formula.
According to the revised formula authorized by the cabinet, CNG-PNG petrol prices would henceforth be correlated to crude oil, according to Minister Anurag Thakur. The local petrol price will now be 10% of the worldwide price of the Indian crude basket’s monthly average. Every month, this price will be announced. PNG costs will drop by up to 10% with this technique. The cost of CNG will decrease concurrently by 7-9%. Everyone will gain greatly from this, from regular household customers to farmers and individuals operating automobiles.
Prior to this, pricing was fixed.
Let us remind you that, up until recently, the government set the price of CNG-PNG twice a year. Both on April 1 and October 1, these prices were disclosed. The rates now in effect in nations like Canada, America, and Russia served as the basis for this pricing, with a one-quarter yearly gap. According to the new policy, this pricing technique has been modified to be linked to the cost of imported crude oil, and these prices will now be announced on a monthly basis.
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