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(Bloomberg) — India raised prices of its most widely used cooking gas for the first time in a year, as the Iran war disrupted Middle East energy flows and sent global fuel costs higher.
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Indian Oil Corp., the nation’s largest refiner, increased the price of a 14.2-kilogram liquefied petroleum gas cylinder in New Delhi by 7% to 913 rupees ($9.95), according to its website. Other state-run retailers — Bharat Petroleum Corp. and Hindustan Petroleum Corp. — raised rates in tandem, marking the first hike for household consumers since April.
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India, the world’s third-largest LPG consumer, sources more than 90% of its imports from the Middle East. Much of that supply transits the Strait of Hormuz, now effectively closed to traffic, squeezing shipments of a fuel widely used for cooking across the country.
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The price increase will affect more than two-thirds of India’s roughly 333 million LPG-using households, with the rest being subsidized. While urban consumers also have access to piped natural gas, higher cooking gas prices are likely to add to inflation by lifting the fuel component of the consumer price index.
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Household LPG prices are typically adjusted only once or twice a year, reflecting their political sensitivity. Women make up nearly half of India’s electorate, and cooking gas costs are closely watched by political parties.
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Prices of commercial LPG cylinders used by hotels and restaurants were raised 6.5% to 1,883 rupees, according to Indian Oil. Commercial rates, which are revised monthly, were last increased 1.6% on March 1.
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An oil ministry spokesperson didn’t immediately respond to an email sent outside office hours, requesting for comment on the price increase.
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In order to boost stockpiles of LPG, the government has used emergency powers to push refiners to maximize production and prioritize household users, and curtail supplies to petrochemical plants.
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