Commercial LPG Prices Hiked By Rs 195.50, Domestic Rates Unchanged Amid Escalating West Asia Conflict

New Delhi: The government on Wednesday hiked prices of commercial LPG by Rs 195.50. The decision was taken due to the rise in global oil prices amid the ongoing conflict in the Middle East and the Hormuz crisis. A 19-kg commercial LPG now costs Rs 2,078.50 in Delhi, according to state-owned oil companies. However, there will be no change in the domestic LPG cylinders.On March 1, also, rates were increased by Rs 114.5 per 19-kg cylinder on March 1. Meanwhile, domestic cooking gas LPG rates, which were last hiked by Rs 60 per 14.2-kg cylinder on March 7, remain unchanged. It costs Rs 913 per 14.2-kg cylinder in Delhi.State-owned Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise ATF and LPG prices on the first day of every

month depending on international benchmarks and the exchange rate. Global oil rates hiked by 30 per cent after the start of the Iran war. Iran Israel War Live UpdatesPetrol and diesel prices continue did not change and remain frozen after a Rs 2 per litre reduction in March last year. Currently, petrol costs Rs 94.72 per litre in Delhi and diesel Rs 87.62.

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After the conflict began on February 28, following the United States and Israel airstrikes on Tehran, Iran's Islamic Revolutionary Guard Corps (IRGC) blocked the Strait of Hormuz. The Hormuz blockade triggered energy crisis in the most part of the world, leading to increase in crude oil and LPG prices. For the unversed, the Strait of Hormuz is a narrow waterway between Iran and Oman that connects the oil- and gas-producing Gulf countries to the rest of the world. Nearly one-fifth of the total energy trade happens through this route.India imports around 60 per cent of its LPG requirements from global markets and most of imports pass through the Strait of Hormuz. With the start of the war, several countries in the region are grappling with LPG crisis. Since the start of the conflict, the government time and again reiterated that there is no shortage of LPG in the country.Commercial LPG Supply Rises to 70%:On Monday, reports surfaced that the government increased the supply of commercial LPG by raising the allocation by an additional 20 percentage points, taking it to 70 per cent of pre-crisis levels. Key sectors such as steel, automobiles, textiles, dyes, chemicals, and plastics have reportedly been given priority status by the Centre as they employ large numbers of workers and are closely linked to other industries.