Industry Odisha Bureau, Jun 7: While Rs 60 was reportedly hiked on March 7 this year, Rs 29 has reportedly been hiked once again per 14.2 kg domestic cooking gas (LPG) cylinder with effect from today onwards till further revision.
Reportedly, the state-owned Oil Marketing Companies (OMCs) have been affecting such revisions, also in petrol and diesel retail prices, citing disruptions in the global energy markets since the conflict in West Asia that broke out on February 28 this year followed by the blockade imposed by irate Iran on the critical chokepoint Hormuz severely disrupting thorough shipments of merchant vessels.
The OMCs reportedly claim that they are incurring heavy losses due to volatility in the prices of global crude oil, petroleum and natural gas for which they are bound down to increase the prices for compensating the pecuniary position.
Thus, the OMCs reportedly claim to have been incurring loss of nearly Rs 703 per domestic LPG cylinder, and hence have affected the two hikes within a span of three months.
Notably, petrol and diesel prices have already gone up by about a cumulative Rs 7.50 per litre since mid-May apart from the hikes in per 14.2 kg LPG cylinder adding to the woes of general consumers and pressure on the domestic monthly budget.
