Context: State-run oil companies increased prices of commercial Liquefied Petroleum Gas (LPG) cylinders and Aviation Turbine Fuel (ATF) due to rising global energy prices linked to the Iran crisis and disruptions in the Strait of Hormuz. Domestic LPG prices remain unchanged.
Core Concepts:
- LPG is a mixture of propane and butane used for cooking and commercial purposes. It is produced during natural gas processing and petroleum refining, and is stored under pressure in liquid form.
- ATF (Aviation Turbine Fuel) is a specialized fuel for aircraft. It is derived from crude oil through fractional distillation, similar to kerosene, and is specially treated to withstand extreme temperatures at high altitudes. It is stored in liquid form
- Oil Marketing Companies (OMCs): Public sector firms (IOC, BPCL, HPCL) under Ministry of Petroleum and Natural Gas; responsible for fuel pricing, distribution, and retail in India.
- Saudi Contract Price (CP): Monthly benchmark price set by Saudi Aramco; used for determining LPG import prices in countries like India.
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