Petronet LNG shares revive as company clarifies remarks of PNGRB criticism
On January 3, shares opened at Rs 331.55 and reached an intraday high of Rs 334.25 during the trading session. The stock is currently trading at Rs 331.10, reflecting an increase of 1.07% on the NSE.
Petronet LNG shares revive as company clarifies remarks of PNGRB criticism
Petronet LNG's shares recovered on Friday, January 3, after experiencing a significant decline in the previous session. This rebound followed the company's clarification regarding concerns raised by the Petroleum and Natural Gas Regulatory Board (PNGRB), which was communicated in an exchange filing on January 2, 2025.
On January 3, shares opened at Rs 331.55 and reached an intraday high of Rs 334.25 during the trading session. The stock is currently trading at Rs 331.10, reflecting an increase of 1.07% on the NSE.
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In its regulatory filing, Petronet LNG responded to reports on PNGRB’s website and related media coverage regarding LNG tariffs. The company stated: “The said published paper itself mentions that as per the existing provisions of PNGRB Act 2006, Regulating LNG Terminals or its Tariff does not fall under the purview of PNGRB.” “As such any regulation for regulating LNG Terminals and its Tariff would require amendment(s) in the PNGRB Act 2006.” “
PLL’s Dahej terminal offers competitive and one of the lowest Regas Charges as compared to any other terminals in the Country. Such regas charges have been fixed based on Agreements between Petronet LNG Limited and various users/capacity holders.”
“Further, LNG regas charges constitute merely around 5% to 6% of delivered gas price to the consumers. Also, the regas tariff in the country is market determined and there is no monopoly in regas terminal business.”
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The regulator accused Petronet of implementing annual tariff increases at its Dahej terminal without passing the benefits of increased capacity on to consumers. To further dampen the market sentiment, international brokerage firm Citi placed Petronet LNG on a 90-day negative watch.
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