City Gas distributors' stocks rally up to 5%; Adani Total Gas, ONGC, MGL lead
The stock prices of city gas distributors surged as they cut CNG and PNG prices after the Centre revised the pricing methodology for domestic natural gas.
The stock prices of city gas distributors surged as they cut CNG and PNG prices after the Centre revised the pricing methodology for domestic natural gas.
The Centre has reduced tax on domestically-produced crude oil to ₹10,500 per tonne from ₹13,300 per tonne; tax levy on diesel lowered to ₹10 per litre.
The oil ministry has ordered the diversion of natural gas from industries to the city gas distribution to cool down the CNG and piped cooking gas prices
Adani Total Gas declined 4%, followed by Reliance Industries, HPCL, GAIL, and IGL, which dropped up to 2%
Shares of state-owned oil and gas companies dropped up to 4% this morning following the continued slide in international crude prices.