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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Hormuz transits sparse after US-Iran clashes: Update
Hormuz transits sparse after US-Iran clashes: Update
Updates with details throughout London, 12 July (Argus) — Ship transits through the strait of Hormuz fell further following fresh clashes between the US and Iranian militaries over the weekend. US and Iranian forces both expanded their attacks for two consecutive days on Saturday and Sunday, hitting defense targets and, in the case of Iran, resuming attacks on ships and oil infrastructure in the Mideast Gulf. US forces launched another round of attacks against Iran at 22:00 GMT on Sunday, according to US Central Command (Centcom), which oversees Middle East-based US forces. Iran's forces earlier on Sunday targeted Kuwaiti border checkpoints and an offshore oil facility, Kuwait's defense ministry said. Iran's Islamic Revolution Guards Corps (IRGC) said early on Sunday that the strait of Hormuz would be closed until further notice, after the US on Saturday carried out another round of strikes on Iranian military targets. IRGC also claimed that its attacks on a Kuwait-based US military base resulted in US casualties. Centcom disputed the claim. Centcom also disputed Tehran's claim of having shut down Hormuz. "Iran does not control the strait," Centcom said in a social media post. "Traffic is flowing." But visible AIS data from MarineTraffic showed no traffic through the strait, although vessels may be transiting with tracking systems switched off. The growing security risk could limit such attempts and threaten the nascent recovery in Gulf crude and product exports. Iran's forces appeared to have attacked Cyprus-flagged containership GFS Galaxy as it transited the strait of Hormuz via the southern route near Oman on Saturday. The vessel was hit nine nautical miles east of the Omani coast, prompting the crew to abandon the ship in a lifeboat. The lifeboat has since been rescued by local authorities, the UK Maritime Trade Operations (UKMTO) said. The vessel appeared to have its AIS tracking switched off at the time. In a separate IRGC statement carried by the Sepah news agency early on Sunday, the force claimed its aerospace arm had struck logistics support centres and refuelling platforms linked to US aircraft carriers at Duqm port in Oman. Duqm is a significant distance from the strait of Hormuz and was hit in the early days of the war, but it has been less severely affected since. Oman's state news agency also reported drone strikes across Musandam governorate, Oman's northernmost governorate. Oman condemned the attacks, the agency added. By John Ollett, Rithika Krishna and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says Hormuz shut after fresh US attacks
Iran says Hormuz shut after fresh US attacks
London, 12 July (Argus) — Iran's Islamic Revolution Guards Corps (IRGC) said early on Sunday that the strait of Hormuz would be closed until further notice, after the US carried out another round of strikes on Iranian military targets on 11 July. "The strait of Hormuz will be closed until further notice and until the end of American interventions in this region, and no vessels will be allowed to pass through," the IRGC-affiliated Tasnim news agency said. US Central Command (Centcom) later challenged the closure claim. "The strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway," Centcom said on X. "Iran does not control the strait. Traffic is flowing." The conflicting statements deepen uncertainty over shipping through the key Gulf waterway and raise the risk of renewed disruption to oil and LNG flows from the region. The latest US strikes followed an attack on the containership GFS Galaxy as it transited the strait of Hormuz via the southern route near Oman. Centcom said it began the strikes at 19:15 ET (23:15 GMT) on 11 July, after IRGC forces attacked the Cyprus-flagged vessel. "A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engine-room damage," Centcom said. The vessel was hit nine nautical miles east of the Omani coast, prompting the crew to abandon the ship in a lifeboat. The lifeboat has since been rescued by local authorities, the UK Maritime Trade Operations (UKMTO) said. The vessel appeared to have its AIS tracking switched off at the time. Centcom said the US completed a third round of strikes against Iran on 11 July, hitting about 140 Iranian military targets. Targets included Iranian missile and drone sites, naval capabilities, ammunition storage facilities, communication networks and coastal surveillance locations, it said. In a separate IRGC statement carried by the Sepah news agency early on Sunday, the force claimed its aerospace arm had struck logistics support centres and refuelling platforms linked to US aircraft carriers at Duqm port in Oman. Duqm is a significant distance from the strait of Hormuz and was hit in the early days of the war, but has been less severely affected since. Oman's state news agency also reported drone strikes across Musandam governorate, Oman's northernmost governorate. Oman condemned the attacks, the agency added. Visible AIS data from MarineTraffic showed no traffic through the strait, although vessels may be transiting with tracking systems switched off. But the growing security risk could limit such attempts and threaten the nascent recovery in Gulf crude and product exports. By John Ollett and Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US, Iran threaten to escalate hostilities: Update
US, Iran threaten to escalate hostilities: Update
Updates with details throughout Washington, 8 July (Argus) — The US and Iran on Wednesday said the interim deal they signed last month is effectively over as they threatened to escalate attacks following overnight exchanges of fire in the Mideast Gulf. "As far as I'm concerned, it's over," President Donald Trump said of the US-Iran memorandum of understanding he signed on 18 June. Trump, in public remarks during meetings with foreign leaders on the sidelines of a Nato summit in Ankara, Turkey, said he will order the Pentagon to carry out another round of strikes against Iran and that he may reimpose a naval blockade on Iranian trade. Trump said he does not "want to deal" with the Iranian leadership anymore, describing them as "scum" and "sick people." But he appeared to keep the door open to a continuation of talks with Iran, of which there have been several rounds since the signing of the agreement. "Terrorist Trump officially announced that the Islamabad Memorandum of Understanding has ended," said Iranian news agency Tasnim, which is affiliated with Iran's Islamic Revolutionary Guard Corps (IRGC). "Continuing the understanding that Trump has also officially declared dead is logically and rationally wrong." Tehran will fully close navigation through the strait of Hormuz and respond strongly to any further US attacks, state news agency Press TV said. The resumption of intense clashes between the US and Iranian militaries sent oil prices higher . August Nymex WTI rose by $4.86/bl, or about 7pc, to $75.30/bl as of 11am ET. Trump, who had touted the decline in crude futures since the US-Iran interim deal was signed in June, acknowledged on Wednesday that the flare up in conflict would reverse the trend. "Any time we hit them, it goes up a little", Trump said about crude futures. "Maybe we'll do some other things that would lift it a little bit, but I don't think it's going to lift it a lot at all," Trump said. The 18 June interim deal was supposed to usher in a 60-day ceasefire and trigger a process to gradually reopen the strait of Hormuz for commercial shipping. The US military carried out strikes on Iranian defense targets late on 7 July, following Iranian attacks on vessels travelling along the strait's southern corridor. The IRGC said it retaliated with drone and missile attacks at US military installations in the Mideast Gulf, including the US Fifth Fleet headquarters in Bahrain and at the Ali al-Salem air base in Kuwait. The 18 June deal called for the strait of Hormuz to fully reopen to commercial traffic, and for Tehran to receive limited sanctions relief in return. But key terms are unravelling well ahead of the 21 August deadline that the countries set to thrash out the final details of a peace agreement, including the fate of Iran's nuclear program. The US on Tuesday also revoked authorisation to allow purchases of Iranian crude, refined products and petrochemicals. By Nader Itayim, Prethika Nair and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's OCE cuts FY2026-27 crude output projection
Australia's OCE cuts FY2026-27 crude output projection
Sydney, 6 July (Argus) — Australia is likely to produce less oil in the fiscal year ending 30 June 2027 than previously forecast, according to the federal government's commodity forecaster, the Office of the Chief Economist (OCE). The OCE cut its forecast for Australia's crude oil and condensate production to 222,000 b/d in 2026–27 from 237,000 b/d in its previous outlook , according to the June Resources and Energy Quarterly (REQ) report released on 3 July. Australia is expected to produce just 209,000 b/d in 2027-28, down by 11pc from 235,000 b/d forecast for 2025-26. Crude imports for refining purposes are also forecast to increase into next decade ( see table ). The revision reflects ongoing oilfield depletion, particularly in Western Australia's offshore Carnarvon Basin, where the OCE said several fields are nearing end of life. Australia's LPG output is forecast to rise slightly from the previous fiscal year through 2027-28 before beginning to decline. Higher prices are expected to support earnings, with rising oil values projected to increase 2025-26 export earnings by A$2.3bn ($1.6bn) to A$10.4bn, and 2026-27 earnings by A$2.5bn to A$9.9bn. Globally, the OCE noted that declining oil demand in OECD countries is due to lower road transport fuel consumption and increased adoption of EVs , while efficiency gains for internal combustion engines also cuts fuel demand. This trend is being partially offset by rising jet fuel consumption. By Tom Major Australia's crude, condensate and LPG forecasts (b/d) 2024-25 2025-26 (f) 2026-27 (f) 2027-28 (f) 2028-29 (f) 2029-30 (f) 2030-31 (f) Total crude/condensate production 263,000 235,000 222,000 209,000 188,000 177,000 170,000 Crude/condensate exports 251,000 244,000 213,000 201,000 180,000 173,000 166,000 Crude/condensate imports 169,000 189,000 207,000 207,000 207,000 207,000 207,000 LPG production 90,000 91,000 97,000 98,000 97,000 95,000 93,000 f - forecast Source: OCE REQ Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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