PNGRB Revamps Gas Tariff: IGL Surges 6%, CNG/PNG Prices to Drop

• PNGRB approved 'One Nation, One Grid, One Tariff' for natural gas, effective January 1, 2026, to boost CNG and domestic PNG use.
• Tariff zones reduced from 3 to 2; new rates are ₹54/MMBTU for up to 300 km and ₹102.86/MMBTU beyond, with a flat ₹54/MMBTU for CNG/domestic PNG.
• Experts predict CNG prices to fall by ₹1.25-₹2.50/kg and domestic PNG by ₹0.90-₹1.80/scm due to the tariff changes.
• Gas stocks rallied: IGL surged over 6% to ₹195, and Mahanagar Gas rose 0.37% to ₹1116.
• NOMURA expects lower taxes and transmission tariffs to boost IGL's margins and volume growth, improving its risk-reward profile.

Why It Matters: PNGRB's new gas tariff policy is set to lower CNG/PNG prices and boost gas company stocks like IGL.