Oil companies have increased the prices of cooking gas cylinders. The price of a 14.2 kg domestic cylinder used for cooking has been increased after almost a year, and it has become costlier by ₹ 60. The prices of commercial gas cylinders have also increased. The price of 19 kg cylinder has increased by ₹ 115. The new rates have been updated on the IOCL (Indian Oil) website and will be effective immediately.
The price of 14.2 kg domestic LPG cylinder has increased by ₹ 60. In Delhi, the price of 14.2 kg domestic LPG cylinder has increased from ₹853 to ₹913. In Kolkata, prices have increased from ₹879 to ₹939, while in Chennai they have increased from ₹868.50 to ₹928.50.
Similarly, the price of 19 kg commercial LPG cylinder has also increased by ₹ 115. Now the price of 19 kg commercial LPG cylinder has become ₹ 1,883 in Delhi and ₹ 1,835 in Mumbai. In Kolkata, the price has increased from ₹1,875.50 to ₹1,990. In Chennai, it has increased from ₹1,929 to ₹2,043.50. The increase in commercial gas prices will affect the business of hotels, restaurants and food stores.
Did tensions in the Middle East cause prices to rise?
Commercial and kitchen LPG prices are often increased on the first of every month, but this did not happen this time. The price hike was announced on March 7. This increase comes at a time when there is a lot of tension in the Middle East, and there have been reports of interruptions in gas supplies. The Strait of Hormuz, through which India imports 80 to 90 percent of its gas, is also closed. The sudden increase in LPG prices is being seen as a precautionary step by the government to maintain LPG reserves and prevent any disruption in supply.
How many days of reserve does India have?
Some reports claim that India has only 12 days of gas reserve. The Indian government has also directed oil companies to maximize LPG production to avoid supply disruptions. There are approximately 332 million active users in the country.
Will prices increase further?
Meanwhile, Qatar’s Energy Minister (Saad al-Kaabi) has warned that a prolonged war could lead to a major global crisis. Additionally, crude oil prices could hit record highs, reaching $150 per barrel. This means that gas supply may also be disrupted, increasing the possibility of further price increases.