Indian state-controlled oil marketing companies have raised commercial LPG cylinder prices for August after cutting prices for four consecutive months since April. A 19kg commercial LPG cylinder in Delhi now costs 1,652.5 rupees ($20), up by Rs6.5 from a month earlier, and in Mumbai costs Rs1,605, up by Rs7 from a month earlier. Prices in Kolkata rose by Rs8.5 to Rs1,764.5, while prices in Chennai rose by Rs7.5 to Rs1,817, state-controlled refiner IOC's website shows. Prices for 14kg residential cylinders remained at Rs803 in Delhi, Rs802.50 in Mumbai, Rs829 in Kolkata and Rs818.50 in Chennai.
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US' new Iran campaign tries to spread the pain
US' new Iran campaign tries to spread the pain
Washington, 24 August (Argus) — The US' latest effort to apply economic pressure against Tehran announced Monday follows a familiar strategy of threatening punishment against Iran's foreign economic partners. President Donald Trump's administration "is no longer managing the Iranian threat — we are ending it," Treasury secretary Scott Bessent said Monday in announcing "Operation Economic Outcast", in which Treasury's enforcement arm intends to cut off Iran's financial lifeline to the world. The measures, which Bessent dubbed "Economic D-Day" for its targeting of Iran's economy, include sanctions against shippers based in the UAE, Singapore and Hong Kong and against six tankers owned by those entities. Treasury's Office of Foreign Assets Control (OFAC) also imposed sanctions on French biofuels plant La Nivernaise De Raffinage and its parent company Wellbred and affiliates in the UAE and Switzerland. OFAC accused Wellbred, which is headquartered in Singapore and trades LPG and oil products, of being under the control of Iranian businessman Mohammad Hossein Shamkhani, whom the US previously accused of trading oil and products on behalf of Tehran. Wellbred did not immediately comment on OFAC's sanctions designation. OFAC separately issued new guidance warning of potential sanctions against any entity cooperating with Iran's aviation, digital asset, gold, shipping and technology sectors. OFAC also canceled sanctions waivers allowing Iran's participation in international athletic tournaments and enabling US-Iranian academic exchanges. OFAC also issued additional warnings against cooperating with the Persian Gulf Strait Authority (PGSA), an entity Tehran established earlier this year to enforce its claim over the management of ship traffic through the strait of Hormuz. PGSA, in turn, warned on Monday that vessels breaching strait of Hormuz transit rules could face restrictions on future passages, including fines, seizure or confiscation. Many years of "maximum pressure" Bessent described Treasury's actions on Monday as "unprecedented" in scope. But Treasury has been targeting energy and other sectors of the Iranian economy non-stop since Trump in May 2019 declared a policy of "maximum economic pressure" against Iran and vowed to reduce the country's crude exports to zero. OFAC has added hundreds of tankers and shipping companies to its sanctions list over their alleged business interactions with Tehran in the past seven years. China has been the primary economic partner of Iran and the main destination for Iranian crude exports since the imposition of US sanctions against Tehran in 2019. But Bessent did not explicitly outline any new action in the works against Chinese oil buyers and banks dealing with Tehran. "We want to make clear to here today that no one is above the reach of US sanctions," Bessent said, adding that he expects "a major announcement of a financial institution being sanctioned by the end of this week". China and Iran held talks on the situation in the Mideast Gulf on Sunday, the Chinese government said, signaling Beijing's continued diplomatic support for Tehran despite the US announcement of a new economic pressure campaign. Bessent implicitly acknowledged the potential for global turmoil if the US actually makes good on its promise to penalize all entities dealing with Iran. "Why would I want to blow up the global financial system?" he said. "We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious." Trump has held talks with foreign leaders to urge them to drastically cut business ties with Iran, Bessent said, without providing any details. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Peru declares LPG supply emergency
Peru declares LPG supply emergency
Houston, 24 August (Argus) — Peru's energy and mines ministry (MINEM) has declared a 30-day LPG supply emergency in five regions after heavy rain caused road closures and limited deliveries. The measure took effect on 22 August for the southern regions of Cusco, Puno, Arequipa, Moquegua and Tacna, where LPG inventories are already "insufficient to guarantee, for a prolonged period, the continuity of supply to households and users," MINEM said. The emergency declaration allows energy regulator Osinergmin to grant compliance exemptions and approve alternative measures for marketing and handling LPG, the ministry said. The move aims to maintain LPG supply to homes, social support institutions and other users that depend on LPG to operate, according to MINEM. By Giovann Rosales Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japanese firms, SHV partner on bio-LPG production
Japanese firms, SHV partner on bio-LPG production
Tokyo, 24 August (Argus) — Japanese engineering firm Furukawa Electric, Japanese LPG importer Astomos Energy and Dutch LPG distributor SHV Energy reached an agreement to develop a new synthesis technology for bio-LPG production using biofuel. The three firms have been worked on developing "millions of tonnes" of annual bio-LPG production overseas using manure-derived biogas since 2023 . The new agreement was driven by regional differences in the availability of biogas feedstock used to produce bio-LPG, Furukawa Electric told Argus on 24 August. Geographical constraints on raw material procurement pose a challenge to commercialisation and widespread adoption of bio-LPG, Furukawa added. The three companies are turning to biofuel, a promising renewable feedstock alternative to biogas, owing to its potential for expanded future supply. Furukawa is considering the use of renewable alcohol as a feedstock for bio-LPG production. Biofuel is easier to transport and store given that it is a liquid fuel, so it is expected to be easier to purchase as a feedstock compared with biogas. The three companies are currently discussing details regarding the biofuel feedstock — specifically, whether it will be produced overseas, imported, or procured domestically. But competition for biofuels is expected to intensify given the growing interest for use in transportation fuels, chemical feedstocks, and sustainable aviation fuel (SAF) production. Japan aims to reduce CO2 emissions by 16pc by its April 2024-March 2035 fiscal year compared with the 2023-24 fiscal year. It aims to achieve full carbon neutrality by the 2049-50 fiscal year. By Reina Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Panama Canal tightens transit capacity with slot cuts
Panama Canal tightens transit capacity with slot cuts
London, 21 August (Argus) — The Panama Canal Authority (ACP) will cut daily booking slots in September, tightening transit capacity further and compounding congestion that has pushed Neopanamax auction costs to multi-year highs and southbound waiting times to 18 days. Under changes effective from 21 August for booking dates beginning on 4 September, the ACP will offer nine daily slots through the larger Neopanamax locks and 25 through the smaller Panamax locks. The Panamax allocation will fall further to 23 slots for booking dates from 15 September. Only one Neopanamax slot will be offered during Booking Period 2, covering the eight to 14 days before transit. Ten slots will be available to Super vessels using the Panamax locks during the same booking period from 4 September, falling to eight from 15 September. The ACP will also divide auction access into four vessel groups. LNG and LPG carriers will be in Group 1; dry bulk and general cargo vessels in Group 2; container ships and vehicle carriers in Group 3; and chemical, crude and product tankers in Group 4. The temporary reductions follow sharply below-average rainfall and inflows into the canal watershed. Rainfall was 34pc below the historical average in May-August and inflows were 44pc below average, the ACP said. The authority also warned that a potentially severe 2026-27 El Nino could reduce precipitation and runoff further ahead of next year's dry season. Reduced slot availability is likely to increase competition for transits, potentially raising freight costs or prompting vessels to divert around the Cape of Good Hope. The ACP warned that fewer daily transits may increase waits for vessels arriving without reservations. Argus assessed the Neopanamax auction price at a lump sum of $2.35mn on 20 August, its highest in recent years. One shipowner recently paid $4.2mn for a northbound Neopanamax slot at the end of August. Waiting times for southbound Neopanamax transits have climbed to 18 days, the longest since 21 December 2023. The ACP has also postponed two planned reductions to the maximum vessel draft permitted through the Neopanamax locks. The restrictions were announced in response to falling water levels in Gatun Lake, the freshwater lake that supplies the canal. The reduction in the maximum draft to 48ft (14.63m), previously scheduled for 26 August, has been postponed until 2 September. A further cut to 47.5ft (14.48m), originally due on 3 September, has been delayed until 1 October. The draft restrictions should have little direct effect on very large gas carriers (VLGCs), which typically draft 36-40ft (11-12m). Reduced slot availability presents the greater concern for owners of these vessels. Severe congestion at the canal is already diverting more US LPG into northwest Europe, raising the risk of oversupply . Flows to the region could climb to a nine-month high in August, with imports potentially running as much as one-third above the average of the previous five months, according to Kpler data. Higher transit costs are encouraging some Asia-bound cargoes to take the longer route around the Cape of Good Hope. Before committing to the longer voyage, sellers can instead place volumes in Europe, the nearest major demand centre and the Atlantic basin's largest alternative outlet. The disruption risks repeating conditions seen earlier this year, when Panama Canal congestion made it more difficult to move US LPG to Asia, forcing US sellers to seek alternative outlets and increasing supply pressure in Europe. By Charlotte Buchanan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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