Steady LPG Prices Amid Global Oil Market Volatility; Kerala Protests Against Hikes
LPG gas cylinder price on 6 May: Check domestic and commercial cooking gas rates in New Delhi, Mumbai, Bengaluru today
Mint
Image: Mint
LPG gas cylinder prices in India remained stable on May 6, despite global oil market fluctuations. However, commercial LPG prices have seen significant hikes due to geopolitical tensions, prompting protests from the Kerala Hotel & Restaurant Association against rising costs.
- 01Domestic LPG prices remain unchanged, while commercial LPG prices have increased significantly.
- 02The recent price hikes are attributed to disruptions in global oil supply, particularly in the Strait of Hormuz.
- 03Protests in Kerala demand a rollback of recent LPG price increases, affecting restaurants and food delivery services.
- 04Brent crude oil prices fell to $108 per barrel amid easing geopolitical tensions.
- 05The Indian rupee appreciated slightly against the US dollar after hitting a record low.
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On May 6, LPG gas cylinder prices in India remained steady despite ongoing volatility in global oil markets. The Indian government is actively managing fuel prices to protect consumers amidst rising costs due to geopolitical tensions, particularly following the conflict involving Iran, the US, and Israel. Recent monthly revisions have seen commercial LPG prices rise significantly, with increases of ₹993 in May alone, following hikes of ₹144 in March and ₹203 in April. In response to these price increases, the Kerala Hotel & Restaurant Association (KHRA) announced a 24-hour closure of eateries across the state on May 6, along with protest marches aimed at pressuring the government to roll back the price hikes. Meanwhile, brent crude oil prices have decreased to $108 per barrel, reflecting a slight easing of tensions in the Middle East. The Indian rupee also appreciated by 23 paise, trading at ₹94.95 against the US dollar after reaching a record low of ₹95.44.
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The protests in Kerala could lead to disruptions in food services and delivery, affecting local consumers and businesses.
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