Indian Oil Warns: Gas Shortages Intensify Due to Middle East Conflict
Indian households are facing shortages and price hikes in LPG due to supply disruptions caused by geopolitical tensions in the Middle East, particularly amid the blockade of the Strait of Hormuz.
Highlights
- •IOC advises consumers to only make gas bookings when needed amid rising tensions
- •Iran has restricted navigation through the Strait of Hormuz, leading to shortages and price hikes in LPG
- •Indian households are seeing a 12.6% decrease in LPG refills on March 14th compared to the previous day
- •Online booking platforms have seen an increase in utilization as Indian consumers seek more secure ways to order gas
LPG Cylinder Crisis in India has Escalated with Rising Tensions in the Middle East. With oil and gas supply routes obstructed, Indian households are experiencing shortages and price hikes.
Indian Oil Corporation (IOC) advised consumers to only make LPG bookings when needed to prevent panic buying and black market activities due to heightened tensions between Iran, Israel, and the US in the region. However, IOC assured continuous gas supply during this time.
The Strait of Hormuz is a critical maritime route for gas transport through which a significant portion of India's gas supply passes. Recent Iranian restrictions on passage have led to a surge in LPG prices and shortages across the country.
LPG bookings saw a notable decline with around 7.7 million refills made on March 14th, down from 8.88 million on the previous day. The use of online booking platforms has also surged substantially.
