The price of commercial LPG gas cylinder has been hiked by ₹195.5, several reports said on Wednesday amid global concerns of oil supply and a surge in prices. The price of a 19 kg commercial LPG cylinder will now be ₹2,078.50 in Delhi, news agencies reported, citing state oil companies.
Meanwhile, prices of domestic LPG cylinders remain unchanged after last revision on March 7, days after the ongoing Iran-US war broke out, triggering a spike in oil prices globally.
Domestic LPG rates were last hiked hiked by ₹60 per 14.2-kg cylinder and currently ₹913 per 14.2-kg cylinder in Delhi, according to news agency PTI.
State-owned Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise ATF and LPG prices on the first day of every month based on international benchmarks and the exchange rate.
The energy crisis in many parts of the world, including India, has been caused by the blockade of the Strait of Hormuz, a key waterway through which 20% of the world’s crude passes. Even though some Indian-flagged vessels have crossed the strait, the overall movement of ships has taken a hit, triggering a spike in oil prices.
Amid the ongoing crisis, India is pushing people to opt for PNG (piped natural gas) over LPG. PNG is delivered through a fixed pipeline network, as opposed to LPG, which depends heavily on imports shipped from the Middle East.