Cooking gas prices for Indian households remained unchanged across major metros on Thursday, with domestic Liquefied Petroleum Gas (LPG) costing ₹913 in Delhi following the latest price revision issued on 18 May. In stark contrast, commercial LPG prices have reached painfully elevated levels, with a 19-kg commercial cylinder breaching the ₹3,000 mark in the national capital. As per Reuters reports, analysts suggest the Centre's decision to hold household rates is a deliberate strategy to buffer consumers against broader inflationary pressures, even as OMC input costs continue to mount.
Prime Minister Narendra Modi will chair a meeting of the Council of Ministers at 4 pm on Thursday at Seva Teerth in Delhi. As reported by NDTV Profit, all Union ministers have been asked to remain in the national capital during this period, amid ongoing political and economic deliberations within the government. The timing coincides with ongoing discussions about fuel price adjustments and broader economic policy considerations, with the meeting now confirmed as part of the NDA government's midterm review meet where ministries will present report cards.
A vessel carrying 20,000 metric tonnes of LPG arrived at Deendayal Port Authority in Kandla, Gujarat after crossing the Strait of Hormuz, officials confirmed on Sunday. The Marshall Islands-flagged MV SYMI started its journey from Qatar and docked at the port around 11:30 pm on Saturday after crossing the Strait of Hormuz on 13 May. Since early March, 13 India-flagged vessels have crossed the Strait of Hormuz, comprising 12 LPG tankers and one crude oil tanker, as reported by LiveMint. The Strait of Hormuz disruption has resulted in one of the worst energy crises the world has seen in recent decades.
On May 21, petrol and diesel prices remained largely unchanged across major Indian cities, with only minor adjustments of a few paise. According to reports from NDTV Profit, the stability comes after recent hikes of ₹3 per litre followed by a 90 paise increase in the span of just 4 days. In Delhi, petrol is now priced at ₹98.64 per litre, up by 87 paise, while diesel costs ₹91.58 per litre after a hike of 91 paise. Mumbai saw petrol prices rise by 91 paise to ₹107.59 per litre, with diesel up 94 paise at ₹94.08 per litre.
Oil marketing companies continue to face pressure from rising Brent crude prices amid the ongoing US-Iran conflict. According to NDTV Profit, after the elections, it was expected that petrol, diesel prices will be hiked to recover at least some losses incurred by the state run OMCs. Brent crude has seen an extraordinary rally of more than 50% since the US and Israel launched strikes on Iran at the end of February. Oil prices edged higher on Thursday after suffering their steepest one-day decline in weeks, as investors weighed the possibility of a breakthrough in negotiations between the US and Iran that could reopen the Strait of Hormuz and restore disrupted crude supplies. Brent crude traded above $105 a barrel, recovering modestly after tumbling 5.6% in the previous session, while US benchmark West Texas Intermediate hovered near $99 a barrel.
Across major cities, petrol prices range from ₹98.10 per litre in Chandigarh to ₹111.84 per litre in Hyderabad. As reported by NDTV Profit, Kolkata sees petrol at ₹109.70 per litre and diesel at ₹96.07 per litre, while Chennai has petrol at ₹104.57 per litre and diesel at ₹96.21 per litre. Bengaluru records petrol at ₹107.16 per litre and diesel at ₹95.04 per litre, with Lucknow showing petrol at ₹98.40 per litre and diesel at ₹91.72 per litre.
