LPG Gas Cylinder Price On 6 May: Check Domestic And Commercial Cooking Gas Rates In New Delhi, Mumbai, Bengaluru Today

(MENAFN- Live Mint) Domestic and commercial LPG gas cylinder prices remained steady in India on Wednesday despite volatility in oil markets across the globe. The Centre is playing a major role in controlling fuel and domestic LPG prices to shield consumers against price pressures. Since, state-run oil marketing companies such as Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum regularly review and adjust prices for commercial LPG and Aviation Turbine Fuel (ATF), commercial LPG gas price witnessed significant price hike in the recent monthly revision.

Most countries of the world are facing energy crisis due to supply disruption across the critical trade route - the Strait of Hormuz, through which roughly one-fifth of the world's oil and gas exports take place. This disruption in energy supply chain triggered the steep rise in fuel prices across the world.

Also Read | Petrol, diesel prices on 6 May: Check fuel rates in Delhi, Kolkata, others

Since, the Iran war with US and Israel began on 28 February, commercial LPG cooking gas rates have been revised thrice. In March, the price increased by ₹144 in March, in April by ₹203 and in May by ₹993. Domestic LPG cylinder price was also revised in March which was hiked by ₹60.

Check latest domestic and commercial LPG cylinder prices after May 1 revision

Positive sentiment flooded the market after US President Donald Trump claimed progress in negotiations with Iran. Due to optimism in investor sentiment toward an agreement to end the war, stock market benchmark indices Sensex and Nifty rebounded in early trade.

Donald Trump on Tuesday announced suspension of "Project Freedom," which was launched on Monday to escort ships out of the Gulf waterway. In a post on Truth Social, Trump said,“Great progress has been made toward a complete and final agreement with representatives of Iran.”

Also Read | Oil prices fall for second day on US-Iran peace talk hopes; Brent below $110/bbl

He added,“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed.”

Amid signs of easing geopolitical tensions in the Middle East, brent crude oil prices fell to $108 per barrel.

Also Read | Rupee opens 24 paise higher at 95.04 against US dollar

As a result, Brent crude prices retreated from their elevated level. Following this development, the 30-share BSE Sensex plunged 657.22 points to 77,675.01 in early trade while the 50-share NSE Nifty bounced 218 points to 24,250.85. Interestingly, the rupee appreciated by 23 paise to 94.95 against the US dollar in early trade on Wednesday after falling to its all-time low of 95.44 on Tuesday.

Kerala eateries stage protest against cooking gas price hike

Kerala Hotel & Restaurant Association (KHRA) on Tuesday announced that hotels, restaurants, bakeries, and canteens across the state will remain closed for 24 hours on 6 May to protest against the steep hike in cooking gas prices. As per KHRA's press release, online food delivery services will also be suspended for the day.

As part of the agitation, protest marches and dharnas will be organised in front of the offices of petroleum companies and central government establishments to pressure the government to rollback LPG price revision. Several trade bodies extended their support for the statewide shutdown, including the Kerala Vyapari Vyavasayi Ekopana Samithi, Kerala Vyapari Vyavasayi Samithi, All Kerala Caterers Association, and Hostel Owners Federation, PTI reported.

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