Overview
- PNGRB raised the integrated pipeline tariff to Rs 65.69 per mmBtu from Rs 58.60, below GAIL’s request for Rs 78 per mmBtu.
- The increase takes effect on January 1, 2026, with a comprehensive tariff review and true‑up deferred to April 1, 2028.
- GAIL’s stock fell as much as about 6% in early trade and was down 5.32% at Rs 174.03 on the BSE around 9:56 am.
- Citi called the 12% hike lower than its assumptions and noted the regulator chose an interim adjustment that will be revisited in FY28.
- UBS said realised tariff gains may lag the headline increase because only select components were revised, reflecting an effort to avoid a sharp consumer impact.