LPG Price Today July 12: Commercial and Domestic Cooking Gas Costs in Delhi, Mumbai during Hormuz Shutdown | Today’s news
LPG price today, July 12: Commercial and domestic cooking gas rates remained unchanged on July 12 after the Oil Marketing Companies (OMCs) cut the price of commercial LPG (Liquefied Petroleum Gas) cylinders for the first time earlier this month. The commercial volume of 19 kg cylinders has undergone a price reduction of approx ₹183.50 reduced on July 1 in a monthly revision.
At the same time, the price of a 5kg cylinder of Munna or Chhotu, Free Trade LPG (FTL) was also reduced by ₹13 which now stands ₹808.50. The current price of commercial LPG cylinders in Delhi is ₹2,930, ₹2885.50 in Mumbai and ₹3081.50 in Kolkata. Fuel prices in India are updated monthly, tracking Saudi Aramco’s Official Selling Price (OSP), global market trends and currency fluctuations.
In addition, the price of 14.2 kg of domestic cooking gas remains unchanged since the June 7 price hike, the second rate hike since the outbreak of the US-Iran war on the 28th. ₹29.
“Putting fiscal resources into oil and gas production,” says the oil minister
India’s largest state-owned oil seller Oil and Natural Gas Corporation (ONGC) has approved plans to build a strategic oil reserve of 1.75 million metric tons, its board confirmed in a stock exchange filing on Thursday. As India seeks to boost energy security, Oil and Gas Minister Hardeep Singh Puri told AFP last week that the country was aggressively pursuing new avenues of domestic production, saying: “We are putting fiscal resources into oil and gas in a very big way – with a $10 billion program.”
The latest renewal of fighting in West Asia has renewed concerns about the safety of one of the world’s busiest energy shipping lanes – the Strait of Hormuz. While Russia continues to play a significant role in India’s oil imports, inventories rose to around 2.7 million barrels per day (bpd) last month, accounting for more than half of total supplies. Crude imports rose to a record 4.93 million barrels per day in June, PTI reported.
Kpler’s principal analyst for supply refinement and modeling, Sumit Ritolia, said: “The immediate outlook for LPG supplies appears to be more manageable than during the peak of the disruption,” adding, “However, much depends on how the conflict unfolds and whether LPG exports from the Gulf remain uninterrupted,” Bloomberg reported.
What is the situation in the Strait of Hormuz?
Iran launched new attacks on Sunday targeting Bahrain, Kuwait, Qatar and the United Arab Emirates in response to US retaliatory strikes. The U.S. Central Command claimed that Tehran had struck a vessel passing through the Strait of Hormuz, prompting its response. The renewed escalation in crossfire in the Persian Gulf comes days after US President Donald Trump suggested the interim deal in the Iran war was “over” but diplomatic talks continued.
