Fuel Price
Commercial LPG up Rs 195.50 as global oil prices rise; domestic rates unchanged
Mumbai/IBNS: Prices of commercial LPG cylinders were hiked by nearly Rs 200 on Wednesday, crossing the Rs 2,000 mark, in line with a sharp surge in global oil prices amid the ongoing West Asia conflict, media reports said.
The price of a 19-kg commercial LPG cylinder has been increased by Rs 195.50 to Rs 2,078.50 in the national capital, New Delhi.
The previous revision was carried out on March 1.
However, domestic LPG cylinder prices, which were earlier raised by Rs 60, remain unchanged.
The hike comes against the backdrop of rising global crude oil prices, driven by escalating geopolitical tensions in the Middle East, particularly the ongoing conflict involving Iran.
A key flashpoint has been the Strait of Hormuz, a vital shipping corridor through which nearly 20 percent of the world’s oil supply passes. Any disruption or threat to this route has tightened global supply, pushing crude prices higher.
The conflict has also impacted oil infrastructure and slowed shipments, removing significant volumes from the market and creating supply constraints.
As a result, Brent crude prices have surged past $100 per barrel, rising sharply in a short span and triggering volatility in global markets.
The spike is already reflecting in higher fuel costs worldwide, with petrol, diesel and aviation fuel prices witnessing an uptick, adding to inflationary pressures and concerns over economic growth.
Experts warn that if the conflict persists, oil prices could rise further, exacerbating inflation and slowing global economic recovery.
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