LPG Prices Witness Significant Increase Amid Escalating Tensions with Iran
Energy Price Hike: Domestic and Commercial LPG Cylinders to See Increased Rates
Effective today, the prices of domestic and commercial LPG cylinders have been hiked due to rising energy costs linked to the West Asia conflict.
Key Price Increases:
- Domestic 14.2 kg LPG Cylinders: Will now cost Rs 60 more across the nation, with prices ranging from Rs 912.50 in Mumbai to Rs 930 in Kolkata.
- Commercial 19 kg LPG Cylinders: Will see an increase of Rs 115, with prices ranging from Rs 1,835 in Mumbai to Rs 2,043.50 in Chennai.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Price Changes by City:
| City | New Domestic Price (Rs) | New Commercial Price (Rs) |
|---|---|---|
| Delhi | Rs 913 | Rs 1,883 |
| Mumbai | Rs 912.50 | Rs 1,835 |
| Kolkata | Rs 930 | Rs 1,990 |
| Chennai | Rs 928.50 | Rs 2,043.50 |
Ujjwala Yojana Beneficiaries:
- Beneficiaries, who number over 10 crore, will continue to receive a subsidy of Rs 300 per 14.2 kg cylinder for up to 12 refills in a year.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
Industry Insights:
The price hike is linked to a sharp surge in global energy prices triggered by the West Asia conflict. Industry officials have expressed concerns over the impact of rising energy costs on consumers.
Union Minister's Assurance:
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has assured that there will be no shortage of energy in the country and that consumers need not worry about supply disruptions.
Investor Takeaway
Investors should be aware of potential short-term market fluctuations due to rising energy costs.
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