Prices of commercial LPG were hiked by Rs 933 on Friday, May 1, on the back of surge in global crude oil prices linked to the escalating Middle East conflict. A 19-kg commercial LPG now costs Rs 3,071.50 in Delhi, according to state-owned oil companies. Commercial liquefied petroleum gas rates were last increased by Rs 195.5 per 19-kg cylinder on April 1.
Domestic cooking gas LPG rates, which were last hiked by Rs 60 per 14.2-kg cylinder on March 7, remain unchanged, according to state-run refiner Indian Oil Corp Ltd (IOCL). It costs Rs 913 per 14.2-kg cylinder in Delhi. State-owned oil marketing companies Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise aviation turbine fuel (ATF) or jet fuel and LPG prices on the first day of every month based on international benchmarks and the exchange rate.
The move comes as Brent crude recently touched $126 per barrel on Thursday, due to geopolitical tensions in the Middle East. Global oil prices have risen amid disruption to energy supplies linked to the US-Iran war. Higher crude prices often influence fuel costs and supply decisions across energy markets. Crude oil prices have shot up almost 60% since the beginning of the US-Iran war.
Meanwhile, IOCL confirmed that retail prices of petrol, diesel and domestic LPG will not change, insulating customers from the recent rise in global crude oil prices. "The retail prices of Petrol, Diesel and domestic LPG (14.2 kg cylinders) have remained unchanged, fully insulating domestic consumers from the recent increase in international fuel prices," IOC said in a press release.
IOCL added that around 90% of petrol and diesel consumption in the country is by the general public, and there will be no change in their prices. Similarly, prices of domestic LPG for 33 crore households, ATF for domestic airlines on scheduled operations, and PDS kerosene will also remain the same.
Overall, about 80% of petroleum products have seen no price change, ensuring stability for most consumers, the company said in a press release. Price revisions have been limited to select industrial segments, which account for a small share of total consumption and are adjusted monthly based on global rates. Bulk and commercial LPG cylinders, which make up less than 1% of consumption, have seen a price hike. Bulk diesel and ATF for international airlines have also been revised upwards.
At the same time, around 4% of petroleum products have seen a price cut, reflecting global market movements.
In total, 80% of products have no change, 4% have seen a decrease, and 16% have seen an increase, mainly for industrial use.
IOC said the decision reflects a "calibrated and balanced approach" adopted by oil marketing companies under the guidance of the Ministry of Petroleum and Natural Gas. The aim is to align with global trends while protecting domestic consumers and ensuring economic stability. Retail fuel prices in India include the base price, central excise duty, state VAT, and dealer commission, so changes in excise duty do not always lead to an immediate change at the pump.
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