For the first time in roughly a year, Indian companies have hiked the pricing of liquefied petroleum gas, which is usually used for cooking. This is because global prices are going up since the US-Israel war on Iran is making it hard to get supplies from the Middle East.
According to its website, Indian Oil Corp, the country’s largest refiner and seller of LPG, has raised the price of a 14.2-kg LPG cylinder in Delhi by 7% to 913 rupees ($9.93).
IOC, Bharat Petroleum Corp, and Hindustan Petroleum Corp, all state-owned refiners, all raised their rates at the same time.
India is the world’s second-largest importer of LPG. Last year, it used 33.15 million metric tons of cooking gas, which is a mix of propane and butane. About two-thirds of that came from imports. LPG from the Middle East makes up 85% to 90% of those imports.
On Friday, India told refiners to make more LPG so that the country doesn’t run out of cooking gas. Indian businesses have also hiked the price of 19-kg commercial LPG cylinders, which hotels and restaurants mostly use, from 1,768.50 rupees to 1,883 rupees. The conflict has changed how people feel about the energy market and raised concerns about the stability of supplies on key global oil and gas routes.
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