This is the seventh increase in CNG prices since April 2018. CNG price was last hiked in April by Re 1 per kg because of the rise in the price of domestic natural gas and fall in rupee value against the dollar.
The Central Board of Indirect Taxes and Customs (CBIC), in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.
Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, especially targeting Tehran's oil exports.
Oil prices jumped after Saudi Energy Minister Khalid al-Falih told a conference in St Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry. Crude later pared gains.
"The central bank buying gold was led by Russia, which added 55.3 tonnes, while China also made a come back by buying 33 tonnes. Even the Reserve Bank of India bought a small amount of 8.4 tonnes during the period," WGC managing director, India, Somasundaram PR said.
For bond markets, the worry is two-pronged with the concern being that high oil prices might pose a fresh risk to the fiscal math, if subsides return, by extension requiring higher borrowing, said the duo.
"While OPEC, and above all Saudi Arabia, appeared in November to be obeying US President Trump's repeated demands to increase oil production, his tweets now are more likely to fall on deaf ears," Commerzbank said in a note.