Hindustan Petroleum Corporation Limited seeks LPG cargo from Russia as Hormuz disruption deepens supply crisis, forcing India to diversify sourcing beyond the Middle East
Nomura believes oil marketing companies (OMCs) are likely to face margin pressure after the government raised prices of aviation turbine fuel (ATF) and commercial liquefied petroleum gas (LPG)
Brent crude oil prices cooled off on reports that the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion
According to a Nomura note dated March 22, industrial diesel prices were increased to ₹109.59 per litre from ₹87.57 per litre on March 20, marking a jump of about 25 per cent
Notably, OMCs' shares have remained volatile over the past two weeks as crude oil prices have surged more than 40 per cent amid the ongoing West Asia conflict involving the US, Israel and Iran
Oil prices rose after Iran attacked several energy facilities across West Asia following a strike on its South Pars gas field, a major escalation in Tehran's war with the US and Israel
A lack of effort to push alternative fuels, weak monitoring, rising demand under PMUY, and a widening gap between retail and market prices are straining India's LPG ecosystem
IOCL, BPCL, and HPCL have said that they are boosting LPG production and prioritising household supply after the Centre directed refineries to use all propane, butane, and other gas streams for LPG
The Centre has directed refiners to maximise LPG production and ensure supplies go only to state-run retailers for domestic use as tensions in West Asia threaten global energy flows
