Commercial LPG, 5 kg free trade cylinder prices hiked after crude rally
text_fields
State refiners have hiked prices of commercial LPG and 5 kg free trade cylinders amid a rise in global crude oil rates.
Indian Oil Corporation increased the price of a 19 kg commercial LPG cylinder by Rs 42 on Monday, taking the Delhi retail price to Rs 3,113.50, Reuters reported. Prices of 5 kg free trade cylinders were raised by Rs 11, to Rs 821.50 in Delhi, ANI said. Domestic cooking gas cylinder rates remain unchanged.
Free trade 5 kg cylinders, which can be bought without mandatory address proof, are primarily used by migrant workers in urban and semi urban areas. State owned refiners — Indian Oil, Bharat Petroleum and Hindustan Petroleum — typically revise LPG and aviation turbine fuel prices on the first of each month, guided by international benchmark rates and currency movements.
The revision follows a more than 2% rise in Brent crude on Monday after renewed military action in the Middle East. Brent was trading at about $93.35 a barrel at 7:45am, up $2.23, Reuters reported. India imports roughly 88% of its crude and about half its natural gas, much of it via the Strait of Hormuz, which has faced disruptions amid the wider regional conflict.