All posts tagged: energy markets

‘Doubled in months’: Karnataka hoteliers seek LPG price rollback amid crude rate decline

‘Doubled in months’: Karnataka hoteliers seek LPG price rollback amid crude rate decline

The KSHA on Friday urged the Central Government to immediately slash commercial LPG cylinder prices, which have nearly doubled in recent months, citing a sharp decline in global crude oil prices. India has removed restrictions on supplies of commercial liquified petroleum gas imposed during the Middle East war when energy supplies were hit by the closure of the Strait of Hormuz. (AFP) G K Shetty, President of the Karnataka State Hotels Association, in a press release, said commercial LPG cylinders were priced at around ₹1,800 in February. After dealer discounts, hotels procured them for approximately ₹1,650 to ₹1,700 per cylinder. He said the conflict in the Middle East severely disrupted global gas supplies, which gradually recovered to nearly 70 per cent of normal levels. These disruptions resulted in a steep increase in commercial LPG prices, Shetty said. Hotels and restaurants are now paying ₹3,198 per commercial LPG cylinder – almost double what they were paying a few months ago. As international crude oil prices have now declined to around USD 70 per barrel, roughly the …

The UAE’s departure from OPEC may not break the cartel

The UAE’s departure from OPEC may not break the cartel

WHEN THE Organisation of the Petroleum Exporting Countries (OPEC) meets on April 29th, the club will be contemplating the departure of one of its longest-standing members. The United Arab Emirates (UAE), which has been part of the cartel since Abu Dhabi joined in 1967, has announced it will leave on May 1st. The war in Iran and its blockade of the Strait of Hormuz have choked off the region’s energy exports, hammering the UAE and its neighbours in the Gulf. Now it has driven OPEC’s third-biggest oil exporter to go it alone. FILE – A boat sails past a tanker anchored on the Strait of Hormuz off the coast Qeshm island, Iran, April 18, 2026. (AP) In announcing its country’s departure, the UAE’s energy ministry thanked the other members of OPEC for “five decades of co-operation”. But its emollient words belie the fact that tensions in OPEC have been brewing for years. The club imposes output quotas on its members in order to keep prices stable and, preferably, high. In recent years these limits have …