CNG price hiked by Rs 2 per kg

CNG price in the national capital was hiked by Rs 2 per kg on Tuesday, the fourth increase in less than two weeks amid rising global energy prices linked to the Iran conflict.

CNG will now cost Rs 83.09 per kg, according to Indraprastha Gas Ltd (IGL).

This is the fourth such increase since May 15, taking the cumulative hike to Rs 4 per kg.

The increase comes a day after petrol and diesel prices were raised for the fourth time in 11 days, pushing petrol prices above Rs 100 per litre across most major cities.

Since mid-May, petrol and diesel prices have risen by nearly Rs 7.5 per litre, while domestic LPG cylinder prices have also been increased by Rs 60 per 14.2-kg cylinder.

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Global crude oil prices had surged sharply in recent weeks following the US-Israel conflict with Iran and disruptions around the Strait of Hormuz, a key global oil transit route, prompting state-run fuel retailers to gradually pass on higher input costs to consumers.

The back-to-back fuel price hikes are expected to increase transportation and logistics costs and add to inflationary pressures across the economy.