Record Surge in Commercial LPG Cylinder Prices Amid Global Energy Crisis
How commercial LPG cylinder prices skyrocketed
The Economic TimesImage: The Economic Times
Commercial liquefied petroleum gas (LPG) cylinder prices in India have surged by ₹993, reaching ₹3,071.50 for a 19-kg cylinder in Delhi. This marks the steepest increase ever and the third consecutive monthly hike, driven by rising global energy prices due to the ongoing conflict in West Asia.
- 01Commercial LPG prices in Delhi have increased by ₹993 to ₹3,071.50 per 19-kg cylinder, the highest ever recorded.
- 02This is the third consecutive monthly price hike, totaling ₹1,303 in three months.
- 03Global crude oil prices have surged nearly 50% due to disruptions from the West Asia conflict.
- 04Domestic LPG prices remain unchanged, with a household cylinder costing ₹913 in Delhi.
- 05State-run oil companies adjust LPG prices monthly based on international benchmarks.
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On Friday, commercial liquefied petroleum gas (LPG) prices in India saw a record-breaking increase of ₹993, bringing the cost of a 19-kg cylinder to ₹3,071.50 in Delhi. This marks the steepest rise in history and the third consecutive monthly hike, following increases of ₹195.50 on April 1 and ₹114.50 on March 1. Over the past three months, the total increase has reached ₹1,303. The surge in prices is attributed to a nearly 50% rise in global crude oil prices, driven by supply chain disruptions linked to the ongoing conflict in West Asia. While commercial LPG prices have fluctuated significantly over the years, domestic LPG prices have remained stable, with the last adjustment on March 7, when prices rose by ₹60 for a 14.2-kg cylinder, currently priced at ₹913 in Delhi. State-run oil companies, including the Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, revise LPG prices monthly based on international benchmarks and currency exchange rates, while domestic prices have not changed despite the volatility in global markets.
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The sharp increase in commercial LPG prices will likely lead to higher operational costs for hotels and restaurants, potentially affecting their pricing strategies and consumer prices.
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