Global Oil Prices Plummet as Volatility Continues Amid West Asia Crisis
Crude oil prices have fallen below $104 per barrel due to concerns over volatile global crude oil prices. This uncertainty has led to an increase in CNG prices in Delhi and neighboring cities, while LPG and PNG prices remain stable despite ongoing concerns about supplies. In addition to the price changes, there are also concerns about energy supplies due to the West Asia crisis.
The prices of 14.2 kg LPG cylinders on September 20 range from ₹941.50 in Mumbai to ₹994 in Hyderabad. Commercial (19 kg) LPG cylinder rates on the same day range from ₹2,701 in Mumbai to ₹2,996 in Hyderabad. CNG prices across major cities on September 20 range from ₹86.98 in Delhi to ₹112 in Hyderabad.
Meanwhile, global oil prices remain volatile due to ongoing conflict in West Asia. South Korea has announced that it will contribute to restoring free passage through the Strait of Hormuz during talks between Foreign Minister Cho Hyun and US Secretary of State Marco Rubio. US Ambassador to the UN Mike Waltz has also stated that President Donald Trump will participate in multilateral meetings with Gulf leaders at the United Nations General Assembly.