Due to increasing tension in the Middle East and the ongoing crisis in the Strait of Hormuz, the possibility of global energy supply being affected has increased. Since India imports most of its LPG needs through this sea route, a question is arising in the minds of the general public whether the prices of LPG and commercial cylinders are going to skyrocket again.
Hormuz crisis and impact on India
A large amount of India’s LPG and crude oil comes through this strategic waterway of the Persian Gulf. Logistics and shipping costs have increased due to international market turmoil and supply chain disruptions. However, Indian oil marketing companies and the government have resorted to Russian crude and other alternative sources to handle the situation so that there is no shortage of domestic gas in the country.
Know what are the latest LPG rates in your city?
Despite the recent international crisis, government oil companies have maintained normal supply of domestic cylinders (14.2 kg). At present, the prices of domestic gas cylinders remain stable in major metros like Delhi, Mumbai, Kolkata and Chennai, while the prices of commercial cylinders are changing according to the fluctuations in the international market.
Will gas shortage increase?
The government and the Petroleum Ministry have made it clear that the country has adequate buffer stock and there is no need for panic booking. Booking rules and timelines are being strictly monitored to prevent hoarding and ensure supply of cylinders to all consumers.
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