Domestic and commercial LPG cylinder prices in India were little changed on Wednesday, even as global oil markets continued to see volatility.
Fuel prices in the country are governed by state-owned oil marketing companies such as Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, which regularly revise rates for commercial LPG and ATF (Aviation Turbine Fuel). In the last monthly adjustment, the prices of commercial LPG rose sharply.
At the same time, many countries are struggling with an energy crisis caused by supply disruptions on key shipping routes, including the Strait of Hormuz, through which a significant share of global oil and gas trade flows. The disruption contributed to upward pressure on global fuel prices.
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LPG cooking gas prices have been revised thrice since February 28, when Iran’s war with the US and Israel began. In March, the price increased by ₹144; in April, to ₹203; and in May to ₹993. Domestic prices of LPG bottles were also revised in March, a ₹60 hikes.
Check the latest domestic and commercial LPG cylinder prices after the May 1 revision
CityDomestic (14.2 Kg)Commercial (19 Kg)New Delhi ₹913.00 ( 0.00 ) ₹3,071.50 ( +993.00 )Kolkata ₹939.00 ( 0.00 ) ₹3,202.00 ( +994.00 ) Mumbai ₹912.50 ( 0.00 ) ₹3,024.00 ( +993.00 )Chennai ₹928.50 ( 0.00 ) ₹3,237.00 ( +990.50 )Gurgaon ₹921.50 ( 0.00 ) ₹3,088.00 ( +993.00 ) Noida ₹910.50 ( 0.00 ) ₹3,071.50 ( +993.00 )Bangalore ₹915.50 ( 0.00 ) ₹3,152.00 ( +991.00 ) Bhubaneswar ₹939.00 ( 0.00 ) ₹3,238.00 ( +993.50 )Chandigarh ₹922.50 ( 0.00 ) ₹3,092.50 ( +993.00 ) Hyderabad ₹965.00 ( 0.00 ) ₹3,315.00 ( +994.00 ) Jaipur ₹916.50 ( 0.00 ) ₹3,099.00 ( +993.00 ) Happiness ₹950.50 (0.00) ₹3,194.00 ( +993.00 )Patna ₹1,002.50 ( 0.00 ) ₹3,346.50 ( +993.50 )Thiruvananthapuram ₹922.00 ( 0.00 ) ₹3,106.00 ( +993.00 )
Positive sentiment flooded the market after US President Donald Trump announced progress in negotiations with Iran. Benchmark stock market indices Sensex and Nifty rebounded in early trade following investor optimism towards an agreement to end the war.
Donald Trump on Tuesday announced the suspension of “Project Freedom,” which was launched Monday to escort ships out of the Persian Gulf waterway. In a post on Truth Social, Trump said, “Great progress has been made toward a full and final agreement with representatives of Iran.
Read also | Oil prices fall for second day on hopes of US-Iran peace talks; Brent below USD 110/bbl
He added: “Based on the request of Pakistan and other countries, the tremendous military success we achieved during the campaign against the country of Iran, and the fact that great progress has been made towards a full and final agreement with Iranian officials, we have mutually agreed that while the blockade remains in full force and effect, Project Freedom (Movement of Horzmu ships within a short period of time to be seen). whether the agreement can be completed and signed.”
Brent oil prices fell to $108 a barrel amid signs of easing geopolitical tensions in the Middle East.
Read also | The rupee opens 24 paise higher at 95.04 against the US dollar
As a result, Brent oil prices retreated from their elevated levels. Following the development, the 30-share BSE Sensex fell 657.22 points to 77,675.01 in early trade, while the 50-share NSE Nifty rebounded 218 points to 24,250.85. Interestingly, the rupee gained 23 paise to 94.95 against the US dollar in early trade on Wednesday after falling to an all-time low of 95.44 on Tuesday.
Restaurants in Kerala protest against hike in cooking gas prices
The Kerala Hotel & Restaurant Association (KHRA) on Tuesday announced that hotels, restaurants, bakeries and canteens across the state will remain closed for 24 hours on May 6 to protest the spike in cooking gas prices. According to a KHRA press release, online food delivery services will also be suspended for the day.
As part of the agitation, protest marches and dharnas will be organized in front of oil company offices and central government institutions to pressurize the government to roll back LPG price revision. Several trade bodies have extended their support for the nationwide shutdown, including Kerala Vyapari Vyavasayi Ekopana Samithi, Kerala Vyapari Vyavasayi Samithi, All Kerala Caterers Association and Hostel Owners Federation, PTI reported.
