The Middle East conflict continues to cause havoc across global markets – and none more so than India.
The impact was immediate, but now the crisis is sending ripples throughout India’s economy, including its industrial gas sector through supply shortages, prioritisation of residential needs, and soaring costs. The rupee has been falling sharply.
This in turn makes imports (like energy and electronics) more expensive, increasing inflationary pressures. India is a 2.47 million tonnes per day industrial gas market, according to gasworld Intelligence, dominated by the metallurgy sector and on-site production with ASUs handling the vast majority of gas capacity (88%).
Adani Total Gas has reportedly increased prices for industrial customers, charging ₹119 ($1.27) per standard cubic metre for gas used beyond contracted limits. Gujarat Gas, which supplies gas for domestic and industrial clients, has declared a force majeure to restrict gas supplies to industries.
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