• Source:JND

LPG Price Hike: Amid the ongoing war in the Middle East, the state-owned oil companies announced a significant surge in the prices of commercial gas on Wednesday. While the price of a 19-kg commercial LPG cylinder in Delhi and Mumbai has increased by Rs 195.50, the price in Kolkata was increased by Rs 218. As per the latest changes, the new prices of commercial LPG cylinder in Delhi and Mumbai will be Rs 2,078.50 and Rs 2,031, respectively. Apart from this, the new rate of commercial gas in Kolkata will be Rs 2,208 and Rs 2,246 in Chennai.

Earlier on March 1, the companies increased the prices by Rs 114.5 per 19-kg cylinder; however, the prices of domestic cooking gas remain unchanged. Apart from this, the prices of 5kg FTL cylinder was also increased by Rs 51 on Wednesday. The state-owned oil companies, including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, revise the prices on the first day of every month based on international benchmarks.

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The prices were increased due to the war between Iran and the joint forces of Israel and the US, which has been ongoing for over a month. The military conflict has led to an energy crisis across the world, especially in the Asian nations. The movement of commercial vessels through the Strait of Hormuz has been affected severely due to the escalation, leading to a surge in the prices.

The war in the Middle East has disrupted the energy supply chains severely, leading to a surge in the prices of global oil prices by almost 50 per cent. However, the prices of petrol and diesel continue to remain frozen after a Rs 2 per liter reduction in March last year. The oil companies stated that the petrol currently costs Rs 94.72 per litre in Delhi and diesel Rs 87.62.

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The war that began with the killing of Iranian Supreme Leader Ayatollah Ali Khamenei has already completed a month, with no immediate signs of peace in the region.


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