LPG, CNG, PNG rates today, May 23: Check latest prices in Delhi, Mumbai, Bengaluru, other cities

LPG, CNG, PNG rates today: Concerns over a further rise in LPG, CNG and PNG prices have intensified after fuel rates were raised twice within a week. The conflict in West Asia and the effective closure of the Strait of Hormuz continue to push up global energy prices and disrupt supplies. 

In Delhi and Mumbai, CNG prices were raised by Rs 2 per kg, followed by an additional Re 1 per kg increase in Delhi. Petrol and diesel prices were also increased twice, first by Rs 3 per litre each and then by 90 paise per litre. Industry sources said the increases were calibrated to partly ease margin pressure on oil companies without causing a major inflationary shock, though inflation would still be affected.

14.2 kg LPG cylinder rates on May 23

Commercial (19kg) LPG cylinder rates on May 23

CNG prices across major cities on May 23

PNG prices across major cities on May 23

Energy prices rose globally after the US-Israel attack on Iran on February 28 and Tehran's retaliation effectively closed the Strait of Hormuz, pushing domestic fuel prices up. While the government held off on increasing energy prices, they were raised 16 days after Assembly elections ended in Assam, Kerala, Tamil Nadu and West Bengal. 

Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said the recent fuel price hike cut losses by a fourth, but companies were still incurring losses of about Rs 750 crore a day.

Meanwhile, to mitigate the crisis and prevent similar scenarios in the future, Prime Minister Narendra Modi asked ministers and government officials to urgently explore alternative sources of energy. At a more than four-hour meeting of the Council of Ministers, he pushed for a shift beyond conventional energy sources and suggested biogas as a substitute for LPG cooking gas.

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Moreover, India also said that it wants to secure the return of its ships stranded in the Gulf before sending any vessels back to load fuel. India would send vessels to the west of the Strait "whenever the situation becomes conducive”, said a senior government official. 

He said 13 Indian-flagged vessels and one Indian-owned vessel were still stuck on the west side of the Strait. He added that 13 vessels loaded with energy cargoes, mostly LPG, had so far transited out of the Strait since its effective closure. Before the war, India sourced more than 40% of its crude oil imports and about 90% of its LPG from the Middle East through the Strait of Hormuz. India is now facing one of its worst cooking gas supply disruptions in decades.