New Delhi: The rising inflation could further burn a deep hole in the pockets of Indian consumers, as the prices of Liquefied petroleum gas (LPG) cooking cylinders could increase in the coming weeks.
Petrol and diesel prices are already at their highest, and the price of cooking gas could soon increase the plight of the common man. There is an ongoing global gas crunch that could lead to the rise in the prices of cooking gas.
According to a report by Zee News Hindi, there could be a sharp rise in cooking gas prices starting from April 2022. Besides LPG gas cylinders, the prices of compressed natural gas (CNG), Piped Natural Gas (PNG), and even electricity could also increase in the coming months.
The increase in the prices of CNG, electricity and other petroleum products could lead to a surge in transportation cost and operational expenses. Consumers could have to pay more for daily goods and services due to the rise in the prices of LPG, CNG, PNG and other petroleum goods.
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The Russia-Ukraine crisis will add to the woes of the common man, as the former is a major supplier of gas to European countries via its multi-million dollar transcontinental pipelines. The crisis could disrupt the supply, creating a supply chain issue.
The impact of the rising gas prices could slow the growth of countries reviving from the Covid-19 pandemic. Failure in meeting the rising energy demands across the world could destabilise the growth rate.
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Moreover, the escalating tensions are signalling towards fears of war – a scenario that will have a severe impact on the gas and petroleum prices. The situation will be more clear by April when cooking gas prices are revised. According to the media report, the price could increase from $ 2.9 per MMBtu to $6-7.
