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Americans tighten budgets as gas hits $4

LPG hike: Domestic gas up ₹29/cylinder

Domestic cooking gas LPG prices have been increased by Rs 29 per 14.2-kg cylinder, according to PTI, citing sources. The price of a 14.2-kg domestic LPG cylinder in Delhi has risen from Rs 913 to Rs 942 with effect from June 7.The latest revision comes amid sustained volatility in international energy markets and follows a series of fuel price increases announced in recent weeks.LPG price todayMetroCurrent Price (Rs)New Price (Rs)Delhi913.00942.00Kolkata939.00968.00Mumbai912.50941.50Chennai928.50957.50LPG cylinder price rises to Rs 942 in DelhiThe increase takes the retail price of a standard 14.2-kg domestic LPG cylinder in Delhi to Rs 942.As per the PTI report, industry sources said the revision was necessary as oil marketing companies continue to incur substantial losses on the sale of subsidised domestic cooking gas.The hike follows an earlier increase of Rs 60 per cylinder announced on March 7 after tensions and conflict in West Asia disrupted global energy supplies and pushed up international fuel prices.Why has the LPG price been increased?According to industry sources, the previous increase only partially compensated oil companies for the losses they were incurring on domestic LPG sales.Before the latest revision, state-run fuel retailers were estimated to be losing around Rs 703 on every domestic LPG cylinder sold.Global crude oil and fuel prices have remained elevated in recent months, increasing the financial burden on oil marketing companies.The latest increase is aimed at reducing a portion of those losses, although companies are reportedly still selling LPG below cost.Fuel price hikes extend beyond LPGThe LPG price revision comes as part of a broader trend of rising fuel prices across the country.Petrol and diesel prices have been increased by a cumulative Rs 7.50 per litre since mid-May, while compressed natural gas (CNG) rates have risen by around Rs 6 per kilogram.The increases reflect the impact of higher international energy prices on India's fuel market.Oil companies continue to face lossesDespite the recent price revisions, industry sources said state-owned oil marketing companies continue to absorb significant losses.Petrol is reportedly being sold at a loss of approximately Rs 11 per litre, while diesel sales are resulting in losses of around Rs 33.6 per litre.These figures highlight the pressure on fuel retailers as they attempt to balance commercial viability with concerns over inflation and consumer affordability.Government limits full pass-through of global energy costsThe government has so far avoided passing on the entire increase in global energy prices to consumers.Instead, a portion of the burden has been absorbed by state-owned fuel retailers to shield households and businesses from a sharper rise in fuel costs.However, with global crude oil prices and fuel markets continuing to fluctuate, industry observers say further adjustments may be required if international prices remain elevated for an extended period.Impact of LPG price hike on householdsThe latest increase is likely to affect household budgets, particularly for families that rely heavily on LPG for daily cooking needs.Cooking gas remains an essential household fuel across urban and rural India, and any rise in cylinder prices tends to have a direct impact on monthly expenses.Consumers will now pay Rs 942 for a 14.2-kg domestic LPG cylinder in Delhi, while prices in other cities may vary depending on local taxes and transportation costs.Global energy market remains key factorGeopolitical tensions, crude oil supply disruptions and fluctuations in global demand continue to influence energy prices worldwide.As a result, domestic fuel prices are expected to remain closely linked to international market trends in the coming months.Inputs from PTI

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Kolkata: Gold demand in India slipped about 70% since the government more than doubled import duty from earlier this month, adding to already tepid consumer sentiment amid higher fuel and food prices due to the Iran war.Demand fell to about 7.5 tonnes in the fortnight ended May 27 from around 25 tonnes a year earlier, according to industry estimates. The government increased the import duty on gold to 15% from 6% with effect from May 13."Reports trickling in from jewellers across India shows that there has been a 70% drop in demand after the import duty was hiked," said Surendra Mehta, national secretary of India Bullion & Jewellers Association (IBJA). "The unorganised trade, which comprises 65% of the gold trade, has been worst hit due to the duty hike."Also Read: India's gold import problem may already have a solution at homeJoy Alukkas, chairman of gold jewellery retail chain Joyalukkas, attributed the demand weakness to several factors. "It is not only the high import duty that has dented the demand," he said. "The Prime Minister's appeal to stay away from gold for a year has also impacted consumer sentiment in a big way. At Joyalukkas, we are seeing demand dropping by more than 35%. We are not sure whether it will slip further." 131398034Mehta at IBJA said apart from the gold import duty hike, higher petrol and diesel prices and food items are also weighing on consumer sentiment "as they are not willing to spend on gold now".The effective tax burden on gold, including goods and services tax (GST), has risen to 18.45% from 9.18% after the duty increase. The government raised duties against the backdrop of a weak rupee, elevated crude prices, and geopolitical tensions, while also tightening import rules and capping duty-free imports under the Advance Authorisation Scheme."At present, gold is not in the priority list of consumers," said Mehta. "Moreover, it is now the period of Adhik Maas, when Hindus generally avoid buying anything precious. What is more surprising is that the investment demand for gold has slowed down."Also Read: Kriti Sanon joins GIVA as investor and brand ambassadorThe slump may weigh on investment demand in the second quarter of 2026 after a strong start to the year, said jewellers.Gold Exchange Schemes Take OffIndia's bar and coin demand rose 34% from a year ago to 62.3 tonnes in the March quarter.India consumes about 800-850 tonnes of gold annually. On Friday, gold of 999 purity traded at about ₹1.57 lakh per 10 grams, excluding GST, in Mumbai's spot market.Volumes are weak in south India, traditionally one of the country's biggest gold-consuming markets. Some consumers are also shifting towards lighter and lower-carat jewellery while sales of old gold have risen sharply, according to jewellers. "Consumers are not stretching their budgets," said B Govindan, chairman of Bhima Jewellery. "They are buying whatever fits their budget and therefore choosing lightweight and lower-carat jewellery. On the contrary, there is a huge rush among consumers to sell old gold and take cash back home."Industry executives noted the varied impact of the import duty increase across segments, with many retailers indicating a pause in procurement. "Large chain stores saw a brief period of panic buying after the announcement, driven by expectations of further measures, and while they expect a slowdown in sales, they remain relatively resilient given inventory buffers and continued support from bridal demand," said Kavita Chacko, research head at the World Gold Council (WGC).Mid-sized and regional jewellers are continuing to see demand from affluent customers but are expected to rely more on gold exchange programmes and tighter inventory cycles going forward, she said. "Smaller retailers appear the most vulnerable: already stretched by persistently high prices, they now face added pressure from sales volumes and profit margins," said Chacko.

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