LPG prices today, 24 June: Domestic and commercial cylinder rates in Delhi, Mumbai, Bengaluru, Kolkata and other cities
LPG prices today, 24 June: The cost of domestic and commercial Liquefied Petroleum Gas (LPG) cylinders remained unchanged on Wednesday, 23 June, even as global
LPG prices today, 24 June: The cost of domestic and commercial Liquefied Petroleum Gas (LPG) cylinders remained unchanged on Wednesday, 23 June, even as global oil prices eased further in the wake of progress in US-Iran peace talks. Since 7 June rate hike the price of cooking gas has been steady. In the last revision in domestic LPG cylinder prices, Oil marketing companies (OMCs) hiked 14.2 kg cylinder price by ₹29 due to severe under recoveries. This was the second increase in three months, after the first revision of ₹60 that came out on 7 March. Commercial 19-Kg cylinder costs surged by around ₹42 after the latest revision in the wake of rising energy costs and supply disruptions across the Strait of Hormuz transit route. Energy supply from West Asia tightened and imports of LPG declined to as low as 696,000 tons in April from 2 million tons per month as a result of US-Iran war.
In the last four months, cost of commercial cylinder surged by nearly 79% as it tracks Saudi Contract Price (CP), set by Saudi Aramco at the start of each month. Also Read | US dominates India’s LPG basket as West Asia war reshapes energy flows City-wise domestic and commercial cylinder rates How many India-bound vessels transited Hormuz since US-Iran deal? A total of eleven India-bound ships transited through the Strait of Hormuz after the US and Iran signed the peace deal last week. While addressing a media briefing, Ministry of External Affairs (MEA) spokesman Randhir Jaiswal on Tuesday said, "Since the signing of the MoU (Memorandum of Understanding) on June 17, 11 India bound vessels have transited through the Strait of Hormuz," PTI reported. The ships that successfully navigated through the Persian Gulf include three Indian-flagged crude oil tankers, each carrying over 285,000 MT (Metric Tonnes) of crude oil; one foreign-flagged LPG carrier, one foreign-flagged crude oil tanker and six foreign-flagged bulk carriers, carrying fertilisers.
He further noted that 10 Indian-flagged vessels are still in the Persian Gulf region while two recently reached there. Is there any permanent alternative to West Asia LPG for India? India's LPG imports from the US are set to touch 1 million metric tons in June, a record high, Reuters reported citing industry sources. At the same time supplies from the United Arab Emirates have started to recover to around 300,000 to 400,000 tons this month, the report said adding, OMCs will also be getting about 45,000 tons of LPG from Kuwait in June. Before the US-Iran war and the blockade of the Strait of Hormuz, India was heavily dependent on West Asia for its LPG imports, almost 90% of which came through this trade route. In May, the imports recovered to 1.15 million tons, as India imported 648,300 tons of LPG from the US and 134,700 tons from the UAE, according to Kpler data.
