A rise in international energy prices amid the West Asia crisis on Friday led to a sharp 47.8% increase in the price of commercial liquefied petroleum gas used by industries and migrant workers from China. $2,078.50 per 19 kg cylinder $3,071.50, industry executives said.
State-run oil marketing companies (OMCs) have also raised aviation turbine fuel prices for foreign airlines (priced in US dollars) from Friday, they said. ATF rates for international carriers rose by about US$76.55 per kiloliter to US$1,511.86 from US$1,435.31 per kiloliter, the executives said. One KL equals 1000 litres.
The price of a 19 kg commercial liquefied gas cylinder has been raised by $993; Hence, the price of 5 kg of free trade LPG (FTL) will also rise by this proportion. 5kg FTL cylinders are mainly consumed by migrant workers and students living on rent near educational institutions.
State-run oil and gas companies often review petroleum product prices on the first of every month. They said they kept the prices of energy (regular petrol, diesel and domestic LPG for cooking) consumed by the general public unchanged despite the rise in global oil prices.
Global oil prices have risen to more than $100 a barrel from about $70 amid the war in West Asia, particularly because of supply disruptions due to the closure of the Strait of Hormuz, the chokepoint used to transport about a fifth of the world’s energy. Benchmark Brent crude, which closed at $110.40 a barrel on Thursday, was trading approximately 0.72% higher at $111.2 a barrel on Friday morning. India is the third largest consumer of crude oil in the world after the United States and China, importing more than 88% of the crude oil it processes.
