Faber Industries of Italy has slashed the prices of CNG cascade storage cylinders by 40 percent.
The company has taken this step keeping in view the declining dollar value against of euro in international market.
The new prices are about 40 percent lower for 267 mm diameter cylinder in Pakistan. The step has been widely appreciated by local CNG industry which would stabilise CNG kit prices, a company spokesman said on Saturday.
The company also manufactures suitable quality steel and composite cylinders for CNG stations and other industrial applications.
The spokesman said that when customers convert their vehicles to CNG, they insist on high quality and lightweight for vehicle safety and energy conservation.
The company started its operation in 1982 and upgraded manufacturing technology of its CNG equipment in accordance with international standards, the spokesman added.