Gujarat Gas Co. has cut industrial gas prices in the Morbi region by Rs 3.25–3.5 per standard cubic metre, with the revision coming into effect from Aug. 1, according to sources.
The price cut by the state-run natural gas distributor is aimed at staying competitive against alternative fuels, which have been drawing demand away from piped natural gas. However, the move is likely to weigh on the company’s unit margins in the second quarter.
Morbi, known for its ceramic industry, is a key consumption hub for Gujarat Gas. The region's fuel pricing has a direct bearing on volumes and profitability.
The company had in December 2024 raised industrial gas prices for Morbi customers by Rs 2.27 per scm, bringing the price to Rs 46.95 per scm as per media reports.
Shares of Gujarat Gas closed Wednesday's trading session 0.85% lower at Rs 448 apiece, compared to a 0.14% advance in the benchmark NSE Nifty 50.
RECOMMENDED FOR YOU
M&M Q2 Results Preview: Strong Topline Growth Eyed; Discounts, Costs May Trim Margins
Meta Cutting Roughly 600 AI Jobs As Company Aims To Move Faster
Trade Setup For Oct. 10: Nifty Faces Immediate Resistance At 25,200–25,250
Trade Setup For Oct. 9: Nifty Finds Immediate Support At 24,950–24,900
POPULAR