Mumbai, May 14: State-run gas distributor Mahanagar Gas Limited (MGL) has hiked compressed natural gas (CNG) prices across the Mumbai Metropolitan Region (MMR), raising retail rates by Rs 2 per kg.

Following the latest revision, CNG will now cost Rs 84 per kg across Mumbai, Thane, Navi Mumbai and other parts of the MMR with immediate effect.

The fuel was previously priced at Rs 82 per kg. The latest hike comes amid rising input costs and prevailing market conditions.

Reports claim that soon after the increase in CNG prices, auto-rickshaw unions demanded a revision in fares, arguing that repeated fuel price hikes were adversely impacting drivers’ earnings.

Union representatives have sought at least a Re 1 increase in the base fare for auto-rickshaws and urged the authorities to take a decision at the earliest.

According to the unions, the continued rise in operating costs has made it increasingly difficult for drivers to operate vehicles under the existing fare structure.

The latest price revision is expected to impact daily commuters across the Mumbai Metropolitan Region, where CNG remains one of the primary fuels used by auto-rickshaws, taxis and public transport vehicles.

Earlier this month, the government said the country has adequate stocks of petroleum products and that LPG supplies for domestic cooking remain stable.

Meanwhile, shares of Mahanagar Gas Limited traded nearly 3 per cent higher in morning trade on Thursday, touching an intraday high of Rs 1,072 on the BSE. The stock has touched a 52-week high of Rs 1,586 and a 52-week low of Rs 902 on the exchange.

The company reported a net profit of Rs 130 crore for the fourth quarter of FY26, while revenue stood at Rs 2,052 crore.

Mumbai, May 13: Gold and silver prices on Wednesday witnessed a sharp surge of up to 8 per cent after the government more than doubled the import duty on precious metals.

On the Multi Commodity Exchange (MCX), gold futures (June 5) advanced as much as 7.20 per cent or Rs 11,055 to touch an intraday high of Rs 1,64,497 per 10 grams as of 9:50 am.

The yellow metal was trading at Rs 1,62,728, up 6 per cent or Rs 9,286 from the previous close. Earlier in the session, it had opened at Rs 1,54,851, rising 0.91 per cent or Rs 1,409, which also remained the intraday low so far.

Meanwhile, silver futures (July 3) also recorded strong gains during the session, jumping as much as 8 per cent or Rs 22,367 to hit an intraday high of Rs 3,01,429 per kg.

The white metal was trading at Rs 2,97,655, up 6.66 per cent or Rs 18,593 from the previous close. It had opened at Rs 2,90,224, rising 4 per cent or Rs 11,162 over the previous settlement price.

The rally in precious metals came after the Centre’s decision to increase customs duties on imports.

The government has raised the import duty, including cess, on gold and silver from 6 per cent to 15 per cent.

Meanwhile, import duty on platinum has been increased from 6.4 per cent to 15.4 per cent.

Through this move, the government aims to reduce the current account deficit and conserve foreign exchange reserves amid ongoing global uncertainty.

According to government sources, the increase in import duty on precious metals is part of a broader strategy aimed at conserving foreign exchange, safeguarding the current account, prioritising essential imports, and strengthening India’s economic resilience amid global uncertainties.

In the international market, COMEX gold rose 0.52 per cent to $4,710 per ounce, while COMEX silver gained 2.28 per cent to trade at $87.54 per ounce.

Mumbai: India’s gem and jewellery industry has warned that any broad reduction in gold jewellery purchases could impact employment linked to the sector, which supports over one crore people directly and several allied industries indirectly.

Responding to PM Narendra Modi’s appeal to avoid buying gold for a year amid rising geopolitical tensions in West Asia, All India Gem and Jewellery Domestic Council (GJC) chairman Rajesh Rokde said the industry supports the government’s national interest concerns but cautioned against measures that could hurt livelihoods.

“Whatever the Prime Minister has said is absolutely correct from the perspective of patriotism and national interest,” Rokde said.

“More than one crore people are directly employed in the industry. Insurance, banking, furniture, packaging and logistics sectors are also dependent on jewellery trade,” he said, warning that restrictions on jewellery buying could raise concerns over unemployment.

At the same time, Rokde supported discouraging bullion and coin purchases made purely for investment purposes. “Stopping unnecessary buying of bullion and coins is absolutely right,” he said.

The industry has instead urged the Centre to strengthen and modernise the Gold Monetisation Scheme (GMS) to bring idle household gold into the formal economy and reduce dependence on imports.

According to Rokde, Indians are estimated to hold around 40,000 to 50,000 tonnes of gold. “If even 10-20% of this gold is monetised, India may not need to import gold for the next 10 years,” he said, adding that the GJC has already submitted an end to end monetisation proposal to the government.

GJC vice-chairman Avinash Gupta said gold remains significant for Indian households, but excessive imports also affect the current acc ount deficit and foreign exchange reserves. He said a properly regulated GMS could help channel dormant household gold into the financial system.

Meanwhile, the digital precious metals industry has launched the Digital Precious Metals Assurance Council of India (DPMACI), a self-regulatory body formed by firms including MMTC-PAMP, SafeGold, Augmont, PhonePe, BharatPe, Mobikwik, Gullak, Lenden Club and CRED to improve transparency and consumer protection in the digital gold and silver market.