LPG price today: Check rate of gas cylinders for commercial and domestic cooking as oil rebounds amid Hormuz blockade | Today’s news
LPG Price Today, July 15: Commercial and domestic retail cooking gas rates remained steady on Wednesday, despite surging oil prices. A flare-up of conflict in West Asia has sent the benchmark Brent crude price swinging in recent days, but consumers in India remain insulated from global volatility as state-owned oil marketing companies (OMCs) set cooking gas rates.
The price of commercial liquefied petroleum gas (LPG) cylinders is revised monthly and was last revised on July 1, when the price of a 19 kg cylinder was reduced by ₹183.50. This marked the first reduction in the commercial price of cylinders since the start of the US-Iran war in late February. Meanwhile, domestic LPG underwent its latest price revision on June 7, when the price of a 14.2 kg domestic cylinder was increased by ₹29.
Trump withdraws 20% toll plan for Hormuz after reimposing blockade
The recent escalation of hostilities between the US and Iran has introduced new risk to the market as the blockade of the Strait of Hormuz has increased uncertainty over energy flows. Oil rose for a third day, gaining 1.72% to trade around $86.19 a barrel by 0029 GMT on Wednesday. The extended rise in oil prices follows an 11% rise in the previous two sessions.
After the collapse of the US-Iran ceasefire, renewed crossfire between the two adversaries has deepened supply disruptions in the Persian Gulf, a key waterway through which a fifth of the world’s oil and liquefied natural gas passed before the war. US President Donald Trump withdrew proposed plans for a Hormuz toll on Tuesday, citing investments in the Persian Gulf, a day after he announced a 20% freight charge.
On oil price volatility, KCM Trade chief market analyst Tim Waterer said: “The chances of oil moving back to $100 in the reasonably near term are still meaningful if hostilities intensify to damage energy infrastructure around the Persian Gulf,” Reuters wrote.
He suggested Brent prices could remain at $75-$80 a barrel if diplomatic efforts help reopen the strait, adding: “For now, the risk premium is still entrenched, but it’s not a one-way bet as there are still incentives for both sides to find a diplomatic solution.”
Will oil prices stay elevated?
A Crisil report recently took inflation data into account and found that LPG and natural gas inflation has doubled to 4.6 percent. At the same time, it recorded a cumulative impact ₹In mid-May, an increase in petrol and diesel prices by 7.5 per liter was announced. Fuel-related inflation rose to 4.5 percent from May’s 1.9 percent, and passenger fuel inflation climbed to 7.6 percent from 3.1 percent, it found.
Oil prices are expected to remain elevated at an average of $82-87 per barrel this fiscal year, according to the study. While a weaker rupee pushes up imported inflation, manufacturers are gradually passing on higher energy, transport and input costs to consumers, which is likely to push up core inflation over time.
