New Delhi, March 7 (NationPress) - On Saturday, state-run oil marketing firms (OMCs) announced an increase in the prices of both domestic and commercial LPG cylinders. The cost of household cooking gas has risen by Rs 60, and commercial cylinders have surged by Rs 114.5, driven by escalating global energy prices tied to the ongoing turmoil in the Middle East.

As reported by the Indian Oil Corporation, the price of non-subsidized domestic LPG, commonly used in households, has now reached Rs 913 for a 14.2-kg cylinder in New Delhi, up from Rs 853 previously.

This represents the second increase in less than a year for domestic LPG prices.

Commercial LPG cylinders, generally utilized by businesses like hotels and restaurants, have also experienced a price hike of Rs 114.5 per unit.

Industry insiders attribute the recent spike in global energy prices to heightened military tensions in the Middle East.

The conflict is creating uncertainty in the energy markets and raising alarms about the stability of supply routes crucial for global oil and gas.

The uptick in LPG prices occurs amidst broader fluctuations in energy markets, with crude oil prices rising in recent weeks as geopolitical tensions escalate.

In response to rumors regarding potential petrol and diesel shortages, public sector oil marketing companies have assured that fuel stocks are sufficient.

Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOCL) both refuted claims of fuel shortages on Friday, describing them as “completely unfounded” and “baseless”.

In a statement on its X handle, BPCL affirmed that India’s energy supply remains robust and dependable, with ample reserves and uninterrupted supply chains.

“Rumors about shortages in certain regions are entirely unfounded,” the company stated, emphasizing that there is no cause for concern regarding fuel availability.

“BPCL is fully operational and committed to ensuring a seamless fuel supply for all customers,” it added.

Similarly, IOCL dismissed social media reports suggesting fuel shortages as baseless.

“India possesses adequate fuel stocks, and supply and distribution networks are functioning normally,” it stated.

“IndianOil is dedicated to maintaining an uninterrupted fuel supply across the nation. Citizens are urged not to panic or overcrowd fuel stations and to rely solely on official channels for accurate information,” the company concluded in its X post.

Following these updates, shares of oil marketing companies Bharat Petroleum Corporation Limited and Indian Oil Corporation closed lower on Friday, with BPCL dropping nearly 2 percent to Rs 352.95 and IOCL falling by about 2 percent to Rs 168.10 on the National Stock Exchange of India.