Amidst the Iran-US conflict, rising tensions in West Asia, rising crude oil prices and global uncertainties, the country is witnessing a massive increase in inflation. Recently, petrol and diesel prices have been increased twice. First, the prices were increased by ₹3 per liter on May 15, which was followed by an increase of 90 paise on May 19. Earlier this month, the price of commercial LPG cylinders was increased by ₹993. Now it seems that the prices of domestic LPG cylinders will also follow the same path; Although their prices were increased by ₹60 in March, there has been no change in them since then.
crude oil pressure
In international markets, Brent crude oil prices have crossed the level of $109 per barrel. As a result, petrol and diesel prices have increased by about ₹3.90 this week. Now it is expected that the next change will be made in the prices of domestic LPG also. On May 1, the price of commercial LPG cylinders was increased by about ₹993, taking their price to cross the ₹3,000 mark. Inflation and rising fuel prices are expected to be reviewed in the meeting of the Union Council of Ministers to be chaired by Prime Minister Narendra Modi today at 4:00 pm.
How are prices determined each month?
State-owned oil marketing companies like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum update LPG and ATF prices on the 1st of every month. These prices are decided on the basis of crude oil prices in international markets and the rupee-dollar exchange rate prevailing at that time. Meanwhile, the ongoing conflict with Iran and tensions in the Middle East have disrupted global energy supplies. Due to this, there has been a huge increase in oil prices in the global markets. As a result, India has also seen an increase in commercial LPG prices.
