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India's government is exploring the establishment of LPG reserves to mitigate potential supply disruptions, particularly in light of Nayara Energy's refinery shutdown and ongoing monitoring of Middle East shipping routes for energy supplies.
Experts warn that potential disruptions in the Strait of Hormuz could significantly impact markets, leading to currency weakening and rising prices, while Saudi Arabia bypasses the strait with surging oil exports. Global energy market tensions, particularly concerning Hormuz, are highlighting vulnerabilities in India's LPG supply, leading Nayara Energy to hike petrol and diesel prices. Wall Street is experiencing volatility with rising stocks and easing oil prices due to the ongoing 'war with Iran', with investors snubbing Trump's Iran reprieve.
Nayara Energy raises petrol prices by ₹5 and diesel by ₹3 amid West Asia conflict, while India assures two months of fuel supply despite panic buying.
Nayara Energy's planned 35-day refinery shutdown, impacting 8% of India's refining capacity, has led to petrol and diesel price hikes across the country and sparked concerns of fuel shortages, causing people to flock to petrol pumps.
Home Minister Amit Shah is leading an informal Group of Ministers to address strategic issues arising from the West Asia conflict, including impacts on cooking gas and LNG supplies, as India experiences deepening energy shockwaves, manufacturing disruptions, panic buying, and a fuel crisis causing long queues, violence, and two deaths at petrol stations. Amidst this, the LPG vessel Apollo Ocean arrived at New Mangalore Port, with unloading operations beginning shortly after.