The Petroleum and Natural Gas Regulatory Board (PNGRB) has approved key reforms to natural gas pipeline tariff regulations in India. The reforms include the reduction of unified tariff zones from three to two, aimed at simplifying the policy framework for natural gas transportation. The PNGRB has also introduced a dedicated pipeline development reserve and mandated pipeline operators to procure at least 75% of their annual system-use gas through long-term contracts. These changes are expected to create a more streamlined tariff structure, with city gas distribution companies now required to pay the same pipeline tariff. Market analysts have reacted positively, with Citi raising its target price for Indraprastha Gas Ltd (IGL) to Rs 270 per share, citing the company as a key beneficiary of the unified tariff changes. Motilal Oswal has upgraded Petronet LNG to a 'Buy' rating, increasing its target price to Rs 410, noting that the stock's current valuation reflects overly bearish assumptions. Following the announcement, shares of Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) rose by up to 3%. The reforms are expected to benefit companies like Indraprastha Gas, while posing challenges for others such as Mahanagar Gas.
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