High international energy prices amid the West Asia crisis on Friday led to a steep 47.8% increase in the price of the commercial liquefied petroleum gas (LPG) used by industries and migrant labourers from ₹2,078.50 per 19 kg cylinder to ₹3,071.50, industry executives said.
State-run oil marketing companies (OMCs) have also raised prices of aviation turbine fuel for foreign airlines (priced in the US dollar) from Friday, they said, requesting anonymity. ATF prices for international carriers were raised by about $76.55 per kilolitre (KL) to $1,511.86 from $1,435.31 a KL, the executives said. One KL is equal to 1,000 litres.
The price of a 19-kg commercial LPG cylinder has been increased by ₹993; hence, the price of 5kg free trade LPG (FTL) would also go up in that proportion, they said. The 5kg FTL cylinders are mainly consumed by migrant labourers and students living on rent near educational institutions.
State-run OMCs often revise prices of petroleum products on the first of every month. They have kept prices of energy (regular petrol and diesel, and domestic LPG meant for cooking) consumed by common people unchanged despite a surge in international oil prices, they said.
International oil prices spiked above $100 per barrel from around $70 amid the war in West Asia and particularly because of supply disruptions due to the closure of the Strait of Hormuz, the choke point used for the transportation of about one-fifth of energy globally. Benchmark Brent crude, which closed at $110.40 a barrel on Thursday, was trading about 0.72% up at $111.2 a barrel on Friday morning. India is the world’s third-largest crude oil consumer after the US and China, importing over 88% of the crude it processes.
{{/usCountry}}International oil prices spiked above $100 per barrel from around $70 amid the war in West Asia and particularly because of supply disruptions due to the closure of the Strait of Hormuz, the choke point used for the transportation of about one-fifth of energy globally. Benchmark Brent crude, which closed at $110.40 a barrel on Thursday, was trading about 0.72% up at $111.2 a barrel on Friday morning. India is the world’s third-largest crude oil consumer after the US and China, importing over 88% of the crude it processes.
{{/usCountry}}