In a media statement, the company's spokesperson said, "Adani Total Gas welcomes the continued support of the Union Ministry of Petroleum & Natural Gas to city gas distribution companies by way of the recent decision to increase the allocation of domestic gas and revise downward the Unified Base Price (UBP) applicable for CNG and home PNG."
Earlier this month, the Oil Ministry amended an earlier order to increase the allocation of domestically produced gas to city gas operators.
According to the ministry, the increased allocation will meet 94% of the demand for CNG supplies to automobiles and piped cooking gas to households in the country.
Further, the spokesperson said, while market-linked imported RLNG has been witnessing volatile and significantly higher international prices, ATGL has been calibrating the pass-through of increase in the price of RLNG or UBP to take care of consumer interest.
"The recent intervention of the Government of India has helped the CGD industry to moderate down the prices of CNG and home PNG to end consumers," the spokesperson added.
Thereby, the spokesperson said, "Adani Total Gas, in line with its stated policy of taking care of consumer interest, has immediately reversed the increase effected in the prices and reduced the price for domestic PNG by up to ₹3.20 per SCM and that of CNG by up to ₹4.7 per kg."
"The reduction in gas prices has been effected from August 17, 2022, across 19 geographical areas covered by ATGL, which will result in considerable savings for the lakhs of consumers we serve," the spokesperson lastly said.
On BSE, Adani Total Gas settled at ₹3,462.40 apiece down by ₹6.30 or 0.18%. The company's market valuation is around ₹3,80,798.24 crore.
ATGL is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.
