LPG price today: Commercial and domestic cooking gas costs in Delhi, Mumbai, Kolkata and other cities amid oil surge | Today’s news
LPG price today: Commercial and domestic cooking gas rates remained unchanged on July 8 for almost a week after Oil Marketing Companies (OMCs) cut the rate of 19 kg commercial liquefied petroleum gas (LPG) cylinders for the first time this year. Commercial cooking gas prices were witnessed ₹183.50 reduced on July 1, bringing the revised LPG commercial cylinder price to ₹2,930 in Delhi, ₹2885.50 in Mumbai and ₹3081.50 in Kolkata.
State-run oil refineries also revised the Free Trade LPG (FTL) cylinder and reduced its price by ₹13. Also known as Munna or Chhotu, this 5kg cylinder now stands ₹808.50. The price of aviation turbine fuel (ATF) also decreased. The latest price cut, which was preceded by a series of price increases, was seen as an easing of geopolitical tensions in West Asia. Fuel prices, which track Saudi Aramco’s Official Selling Price (OSP), global market trends and currency fluctuations, are updated by OMC monthly.
India’s largest private fuel retailer Nayara Energy also cut petrol and diesel prices, becoming the first retailer in more than two years to cut petrol station rates.
The cost of 14.2kg of domestic cooking gas remains unchanged since the June 7 price hike, when prices were increased by ₹29, for the second time since the outbreak of the US-Iran war on February 28. The conflict caused disruptions in energy supplies around the world due to the disruption of the movement of oil tankers through the Strait of Hormuz.
Oil prices rise after US strikes on Iran
International benchmark Brent crude rose sharply on Wednesday amid renewed fighting between the US and Iran. Oil prices rose as the US launched retaliatory strikes against Iran in response to attacks on three commercial vessels passing through the Strait of Hormuz. Washington also reimposed sanctions on Tehran’s oil sales.
Oil extended its rally for a second day, rising 2.5% to $76.03 a barrel in Asian morning trade, according to Reuters. The recent escalation has raised new concerns about regional stability and possible disruptions to energy supplies.
Fuel consumption down 3.7%: Report
The Petroleum Planning and Analysis Cell (PPAC) of the petroleum ministry recently released June data indicating that India’s fuel consumption in June fell about 3.7% from the previous month to 19.42 million metric tons, Reuters reported.
• Fuel consumption decreased from 20.18 million tons in May and was 3.1% lower than a year earlier.
• LPG consumption fell by more than 14% compared to the previous year to 2.19 million tons.
• Gasoline sales were down 3.2% from May, but up 7.4% from a year earlier. Diesel consumption increased by 6.2% year-on-year, but fell by 1.4% month-on-month.
• Diesel sales fell by 42% year-on-year.
• Overall, fuel oil consumption fell by 20% compared to the previous month.
