LPG price today, 12 July: Cost of commercial and domestic cooking gas in Delhi, Mumbai amid closure of Hormuz

LPG price today, 12 July: The rates of commercial and domestic cooking gas remained unchanged on 12 July after Oil Marketing Companies (OMCs) slashed commercial Liquefied Petroleum Gas (LPG) cylinder price for the first time earlier this month. The 19-kg commercial cylinder rates underwent price cut of around ₹183.50 cut on 1 July as a part of monthly revision.

At the same time, the price of Munna or Chhotu, Free Trade LPG (FTL) 5-kg cylinder, were also reduced by ₹13 which now costs ₹808.50. The current price of commercial LPG cylinders in Delhi is ₹2,930, ₹2885.50 in Mumbai and ₹3081.50 in Kolkata. Fuel prices in India are updated every month, which track Saudi Aramco's Official Selling Price (OSP), global market trends and currency fluctuations.

Moreover, the price of 14.2-kg domestic cooking gas remains unchanged since 7 June price hike when its rate was increased for the second time since onset of US-Iran war on 28 February by ₹29.

Check latest city-wise domestic and commercial cylinder rates here

‘Putting fiscal resources into oil and gas exploration,’ says Petroleum Minister

India's largest state-run oil retailer Oil and Natural Gas Corporation (ONGC) approved plans to develop a 1.75 million metric tonne strategic petroleum reserve, its board of directors confirmed on Thursday in a stock exchange filing. As India seeks to bolster energy security, Minister of Petroleum and Natural Gas Hardeep Singh Puri informed AFP last week that the country was aggressively pursuing new avenues of domestic production and said, “We are putting fiscal resources into oil and gas exploration in a very big way -- with a $10 billion programme.”

The latest resumption of fighting in West Asia has renewed concerns over the security of one of the world's busiest energy shipping lanes — the Strait of Hormuz. While Russia continues to play a significant role in India's crude imports, the supplies climbed to about 2.7 million barrels per day (bpd) last month, accounting for more than half of the total supplies. In June, crude imports rose to a record 4.93 million bpd, PTI reported.

Data intelligence firm Kpler's lead analyst for refining supply and modeling Sumit Ritolia said, “The immediate LPG supply outlook appears more manageable than during the peak of the disruption,” adding, “However, much depends on how the conflict evolves and whether Gulf LPG export flows remain uninterrupted," Bloomberg reported.

What is the situation at Strait of Hormuz chokepoint?

Iran launched fresh attacks on Sunday, targeting Bahrain, Kuwait, Qatar and the United Arab Emirates in response to US' retaliatory strikes. US Central Command claimed that Tehran struck a vessel transiting the Strait of Hormuz which triggerred its response. The renewed escalation in crossfire in the Persian Gulf comes days after US President Donald Trump suggested an interim deal in the Iran war was “over" but diplomatic talks continued.