Rising gas prices constrain CNG penetration in commercial vehicles: Icra
The Hindu
The CV industry has witnessed a contraction in the penetration of compressed natural gas (CNG) driven vehicles in the current fiscal year, which comes after witnessing a spike in the previous 2021-22 fiscal year.
Rising gas prices have constrained CNG penetration in commercial vehicles to 9-10 per cent in the current fiscal from peaks of 16 per cent, Icra Ratings said on Friday.
A spurt in global energy prices has led to a 70 per cent jump in the price of CNG in the last one year. This has narrowed the gap between the fuel and diesel, blurring the incentive to shift to the cleaner fuel.
In a statement, the rating agency said CNG penetration in the domestic commercial vehicle (CV) sector has witnessed a decline in the current fiscal, especially in the MCV truck segment.
"Rising CNG prices have narrowed the gap with diesel and in turn, diminished the running cost savings from CNG vehicles, which has been the key deterrent," it said.
Notwithstanding the recent decline witnessed in CNG penetration, medium-term prospects remain favourable given the improving CNG fuelling infrastructure and push for cleaner vehicles, it added.
Icra said CV industry has witnessed a contraction in the penetration of compressed natural gas (CNG) driven vehicles in the current fiscal year, which comes after witnessing a spike in the previous 2021-22 fiscal year.
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