Gujarat Gas Ltd. has hiked the prices of Compressed Natural Gas (CNG) by ₹1.5 per Kg to ₹77.76 per Kg, the company said on Monday, December 2.

The company said that there are no plans yet to hike gas prices for industrial users. Gujarat Gas has also hiked prices by 2%, compared to a 8% to 10% hike needed to compensate for the increased costs due to a reduction in APM gas allocation.

This move comes just a week after Indraprastha Gas increased prices by ₹1.5 per Kg to ₹4 per Kg in different geographies last Monday, November 25. Although 70% of IGL’s volumes come from Delhi, prices were not hiked there.

IGL’s move was preceeded by Mahanagar Gas, who had hiked CNG prices by ₹2 per Kg on November 22 to ₹77 per Kg after a ₹1.5 per Kg hike in July this year.

Shares of Gujarat Gas are currently trading little changed at ₹480.75, post the announcement.

On the other hand, shares of IGL are trading 4.5% higher, extending its gains for the second day in a row, while those of MGL are also trading with gains of 3.8% at ₹1,236.5.

While shares of IGL have corrected 40% from their peak of ₹570, those of MGL are also down 38% from their recent high of ₹1,988.