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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Iran-Oman framework to reshape Hormuz routes
Iran-Oman framework to reshape Hormuz routes
London, 26 August (Argus) — Iran says a proposed framework being developed with Oman would introduce new shipping routes through the strait of Hormuz and close the current southern route along the Omani coast. Deputy foreign minister Kazem Gharibabadi told state television late on 25 August that the interim arrangement would route vessels entering the Mideast Gulf through Iranian waters, while the outbound leg would pass through both Iranian and Omani territorial waters. "The southern lane will be closed," Gharibabadi said, without giving a timeframe. The replacement route would be temporary, with Iran and Oman then holding talks "on a new permanent route within 30-60 days", he said. His comments followed a joint Iranian-Omani statement outlining the framework for managing traffic through Hormuz, which would also include a joint mine-clearance project. "Technical negotiations will continue with the aim of reaching an agreement on a permanent maritime corridor, the future administration of the strait, as well as mechanisms for information exchange, traffic management and the provision of maritime security services," the statement said. Gharibabadi said the talks were intended to establish "new routes and new corridors" to replace those used for the past 58 years. Before the US-Iran war, vessels transited Hormuz through the internationally recognised traffic separation scheme adopted by the International Maritime Organization (IMO) in 1968. Since the conflict began following US and Israeli strikes on Iran on 28 February, traffic has largely been divided between a northern route along the Iranian coast and the southern route along the Omani coast. For months, Iran has demanded that vessels use the northern route in co-ordination with Iranian authorities. Tehran says the pre-war route through the IMO traffic separation scheme and the southern route are unsafe because of uncleared naval mines. It also says use of the southern route breaches the terms of a ceasefire agreement reached with the US in June, which has since expired. Tehran has targeted selected vessels attempting to use the southern route. It also announced at the weekend that vessels crossing the strait without first co-ordinating with Iranian authorities would be blacklisted. No imminent reopening Gharibabadi said the discussions with Oman were critical but would not by themselves lead to a full reopening of the strait. Iranian officials have said a full reopening would depend on Washington acknowledging what Tehran describes as past missteps and meeting commitments under the now-defunct memorandum of understanding. Iran says those commitments include lifting sanctions, releasing Iranian funds frozen under the sanctions and ending what it describes as a US naval blockade. Tehran is also demanding an end to Israeli strikes on Lebanon and US strikes against Iranian-aligned groups in the Mideast Gulf. Traffic remains at a trickle. Maritime security firm Windward recorded four vessels entering Hormuz on 24 August and none exiting, putting traffic at around 3pc of pre-war levels. Three of the four vessels used the northern route and one used the southern route. The US maintains that it controls the strait and that vessels continue to transit the waterway. US energy secretary Chris Wright said earlier this month that an average of 9mn b/d of oil had exited Hormuz over a seven-day period. Iranian officials and many market participants have questioned that figure. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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.
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