Bengaluru Hotels To Remain Shut From Tuesday As Commercial Gas Crunch Hits Amid US-Israel-Iran Conflict

(MENAFN- Live Mint) The Bangalore Hotels Association on Monday said hotels in the city will be closed from Tuesday (10 March) due to cut off in supply of gas cylinders for commercial use amid the ongoing tensions in West Asia following Israel and US' joint attacks on Iran.

“Oil companies had said that there would be no disruption in gas supply for 70 days. However, the sudden stoppage of supply is a big blow to the hotel industry. Therefore, we expect the concerned Union Ministers to take immediate action in this regard and resume commercial gas supply and provide support to the hotel industry,” the Association's notice read.

The Hotel Association's statement about disruptions in gas supply comes amid the ongoing tensions in Gulf nations triggered by the ongoing Israel-US-Iran conflic, which entered its second week on Saturday, 7 March.

LPG prices hiked

On Saturday, the prices of domestic cooking gas LPG in India was 60 per cylinder">hiked by ₹60 per cylinder and that of the commercial cylinder increased by ₹115, the Indian Oil Corporation (IOC) mentioned in its website.

This marks the second increase in rates in 11 months. Prices were last hiked by ₹50 in April last year.

The prices of the LPG cylinders – both domestic and commercial – increased as oil companies factored in increased energy prices in view of the Middle-East conflict.

What are the new rates?

In Mumbai, non-subsidised LPG now costs ₹912.50, ₹939 in Kolkata and ₹928.50 in Chennai, as per rates mentioned on the IOC website. Rates differ from state to state depending on the incidence of local sales tax or VAT.

Meanwhile, commercial LPG, the one used by establishments such as hotels and restaurants, now costs ₹1,883 in Delhi. Earlier this month, the price of commercial LPG was increased by ₹114.5 per 19-kg cylinder.

'India in comfortable position'

The government has reportedly directed all LPG refineries to increase production to ensure adequate availability across the country. Officials told ANI that India currently remains in a comfortable position regarding LPG stocks.

India is in a "very comfortable position" when it comes to the availability of crude oil, petroleum products and LPG supplies amid fears of possible interruptions through the Strait of Hormuz, news agency ANI reported earlier – citing government sources.

Sources claimed that the country currently has access to more energy supplies from diversified sources than the volume that could potentially be impacted through the Strait of Hormuz.

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