India raises cooking gas prices amid Iran war

Indian companies have raised the prices of liquefied ‌petroleum gas, mostly used as a cooking fuel, ​for ⁠the first time in about ‌a year, ‌as global prices surge with the US-Israel war on Iran disrupting supplies from the Middle ‌East.

Indian Oil Corp, the country's top ⁠refiner and LPG seller, has increased the prices of a 14.2-kg LPG cylinder in Delhi by 7% to 913 rupees ($9.93), according to its website.

State refiners IOC, Bharat ​Petroleum Corp and Hindustan Petroleum Corp raised ‌prices in tandem.

India, the world's second-biggest importer of LPG, last year consumed 33.15 million ⁠metric tonnes of cooking gas, a mixture of propane and butane, with imports accounting for ​about ‌two-thirds of LPG consumption. Middle Eastern ‌LPG accounts for 85% to 90% of those imports.

India on Friday asked refiners to boost ‌LPG production ‌to avoid any shortage ⁠of cooking gas in the ‌country.

Indian companies have also raised the prices of 19-kg commercial LPG cylinders, ⁠mainly used by hotels ​and restaurants, to 1,883 rupees from 1,768.50 rupees.

The conflict has disrupted energy market sentiment and raised concerns over supply stability in key global oil and gas routes.

No fuel shortages

Meanwhile, PSU oil marketing companies have confirmed that fuel stocks remain adequate amid rumours of petrol and diesel shortages.

Both Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOCL) on Friday dismissed rumours of fuel shortages, calling them "completely unfounded" and "baseless".

In a post on its X handle, BPCL said India's energy supply remains reliable and resilient, with ample petroleum reserves and uninterrupted supply chains.

"There have been some rumours about shortages of petrol and diesel in certain areas, which are completely unfounded," the company said, adding that there is no reason to be alarmed about fuel availability.

"BPCL is fully operational and steadfast in ensuring a smooth fuel supply for all customers," it added.

Meanwhile, IOCL said reports on social media suggesting a shortage of petrol and diesel are baseless.

"India has sufficient fuel stocks, and supply and distribution networks are functioning normally," it said.

"IndianOil is committed to maintaining uninterrupted fuel supply across the country. Citizens are requested not to panic or crowd fuel stations and to rely only on official sources for accurate information," the company added in a post on its X handle.

Shares of oil marketing companies Bharat Petroleum Corporation Limited and Indian Oil Corporation on Friday ended in the negative zone, with BPCL falling nearly 2 per cent to Rs 352.95 and IOCL declining about 2 per cent to Rs 168.10 on the National Stock Exchange of India.