US-Israel-Iran war: Airlines in Persian Gulf slowly begin increasing flightsWest Asia crisis: As the conflict raging around the Middle East enters its 11th day, airlines in the Persian Gulf are slowly beginning to increase their flights even as they continue to intercept Iranian missiles and drones in their skies. World's largest international carrier, Emirates, is operating a reduced flight schedule to around 100 destinations in more than 50 countries.
Meanwhile, exports worth $40-50 billion to the Gulf Cooperation Council (GCC) region are at risk and around 3.5 lakh containers located in the Gulf region are stuck amid West Asia tensions. Key sectors that are at jeopardy include oil products, precious metals, gems and jewellery. Food, processed foods, textiles, and apparel exports are also vulnerable, according to government sources.
Sources added that exports have not been halted, but shipments are taking longer, and alternate sea routes are being used, adding that GCC nations are under pressure but keen to keep trade routes open for India. Some Indian vessels stranded in the Arabian Sea and Oman waters are awaiting movement.
It is becoming difficult to evacuate the containers that are stuck deep inside the Gulf region, sources added. Moreover, the supply of non-domestic LPG cylinders has been halted in Kolkata since Tuesday morning, impacting the city's restaurants and food businesses. Due to this, several restaurants in Kolkata are staring at a shutdown.
The situation is worrisome as Iran's parliament speaker, Mohammad Bagher Qalibaf, on Tuesday rejected suggestions that Tehran was seeking a ceasefire in the ongoing conflict.
His comments came after the UAE said that it was being targeted "in a very unwarranted manner" during the conflict. It added that it will "not partake in any attacks against Iran," which has carried out strikes against its Arab neighbours who it sees as allies of the US.
The UAE also reduced oil output by 500,000-800,000 barrels per day.
US-Israel-Iran War: Check out the latest developments on BusinessToday.In
Government sources said there is no need for panic as authorities are actively working to secure the country’s oil and energy supplies. Officials said India is widening its sourcing strategy and increasing imports from multiple countries to ensure there is no disruption in availability.
Top government officials on domestic LPG supply said:
Indian refineries are currently supplying around 60 lakh domestic LPG cylinders.
The price of cooking gas cylinders will be based on the delivery date, not the booking date.
Cylinders booked earlier but delivered after a price revision will be charged at the revised price applicable on the delivery date.
A senior government official said domestic LPG production by public sector refiners such as Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) has increased by about 10%, helping offset supply concerns that emerged amid the ongoing West Asia conflict.
Officials also said India has started receiving fresh shipments of LNG and LPG from countries including Algeria, Australia, Canada and Norway, as part of efforts to diversify supply sources and maintain adequate stock levels.
Airlines in the Gulf are gradually increasing flights even as countries continue to intercept missiles and drones from Iran. Emirates is operating a reduced flight schedule of around 100 destinations in over 50 countries, Bloomberg reported.
Iran's security chief Ali Larijani on Tuesday responded to US President Donald Trump's threat to hit the country harder if the flow of oil shipments stops through the Strait of Hormuz.
Larijani wrote on X, "Iran is not afraid of your empty threats. Even those greater than you could not eliminate the Iranian nation. Take care of yourself not to be eliminated!"
An oil tanker blast took place in Abu Dhabi, Tehran Times reported.
Hotels in Puducherry are scaling back operations due to a sudden shortage of commercial LPG cylinders.
The supply disruption is reportedly a ripple effect of rising geopolitical tensions between the US and Iran. Local establishments are now rationing their remaining fuel stocks to stay open.
Indian markets bounced back today, ending a two-day slide on the back of falling oil prices and strong buying across major sectors. Sensex jumped 639.82 points or 0.82 per cent to close at 78,205.98 whereas Nifty gained 235.55 points or 0.97 per cent to settle at 24,261.60.
Rising geopolitical tensions in West Asia are casting a shadow over India’s trade with the Gulf Cooperation Council (GCC) region, with exports worth $40–50 billion currently at risk.
While trade has not come to a halt, the conflict is forcing significant logistical shifts and raising concerns across several high-value sectors.
(With inputs from Karishma Asoodani)
Tejkulpal Singh, President of the Hotel and Restaurant Association, on Tuesday claimed that the impact of the ban on commercial gas cylinders may be visible in Bhopal in the days to come. Singh told Aaj Tak that hotels and restaurants in Bhopal have 48 hours of commercial gas available. He added that hotels and restaurants in the city will have to shut down if the ban is not lifted within 2 days.
As per the rules, hotel and restaurant owners in Bhopal can keep a two-day stock. It would not be of much help if the administration gives hotels and restaurants the option to operate with coal.
(With inputs from Ravish Pal Singh)
LPG cooking gas supply for domestic and commercial sectors in Telangana remains normal, a senior Civil Supplies Department official said on Tuesday.
The official also warned of stringent action against those found hoarding or black marketing LPG cylinders.
Addressing concerns, Civil Supplies Department Commissioner M Stephen Raveendra told PTI that 2.3 lakh cylinders are daily supplied by the Oil Marketing Companies (OMCs) and urged the public not to panic.
Asked if there has been any disruption in LPG cooking gas supply to domestic and commercial sectors amid the conflict in West Asia, he said, "Things are going on smoothly. People should not panic. The situation is comfortable at present."
-- PTI
A major restaurant and confectionery brand in Kolkata has been forced to halt work at its central kitchen due to a total depletion of LPG stocks. The facility, which typically consumes 40 cylinders daily, faces a complete operational shutdown if the fuel shortage persists.
The newly elected president of the Hotel and Restaurant Association (Eastern India) said that there were some LPG supplies till Monday, but deliveries have completely stopped from Tuesday. He appealed to the government to ensure limited LPG supply so restaurants and hotels can continue operating.
Fuel supplies for vehicles remain normal for now, but the Luxury Taxi Association has told India Today that there are concerns that shortages of petrol, diesel, and CNG could emerge in the days ahead.
(With inputs from Tapas Kumar Sengupta)
To help exporters navigating the fallout of the West Asia conflict, the government has authorized a fee waiver for any modifications or cancellations made to export documentation. This decision, announced by the Central Board of Indirect Taxes and Customs on Wednesday, comes as a direct response to industry concerns regarding cargo shipments currently stranded at sea.
Concerned over shortage in supply of commercial gas cylinders, the Hotel & Restaurant Association of Odisha (HRAO) on Tuesday sought Petroleum Minister Hardeep Singh Puri's intervention for smooth provisions of LPG to hotels and restaurants.
In its memorandum submitted to Puri, the association said the disruptions in the supply of commercial LPG cylinders are creating serious operational challenges for the hospitality industry.
Stating that the hotels and restaurants are highly dependent on uninterrupted supply of commercial LPG cylinders for their daily kitchen operations, the association said, "The sudden disruption in supply has severely affected food preparation and service in many establishments."
If the situation continues, it may lead to closure of hotel operations, cancellation of bookings, and severe inconvenience to tourists and visitors, said HRAO chairman J K Mohanty in the memorandum.
-- PTI
“We are definitely not looking for a ceasefire; we believe that the aggressor should be punched in the mouth so that he learns a lesson so that he will never think of attacking our beloved Iran again,” Mohammad Bagher Qalibaf wrote on X.
He added, "The Zionist regime sees its shameful existence in the continuation of the cycle of 'war-negotiation-ceasefire-and then war again' to consolidate its dominance. We will break this cycle."
Thailand's Prime Minister Anutin Charnvirakul on Tuesday told government agencies and state companies to begin having staff not in public-facing roles work from home. The Thai government said that it is also suspending overseas training, international business trips, and study trips for officials.
Deputy Prime Minister and Transport Minister Piphat Ratchakitprakarn on Monday urged the public to not panic over rising global oil prices, adding Thailand is not facing an oil shortage.
"The shortage of commercial LPG has become extremely serious over the past week, with intermittent disruptions escalating into a near complete halt in supply in several regions since yesterday. Following the 5th March notification by the Ministry of Petroleum and Natural Gas, there has been considerable confusion among suppliers and distributors, many of whom have stopped supplying commercial LPG cylinders to hotels, restaurants and food service establishments. We are already receiving reports of severe shortages from cities including Mumbai, Pune, Aurangabad and Nagpur, while similar disruptions are being reported in States such as Delhi, Karnataka, Telangana and Andhra Pradesh. If the situation does not improve within the next two days, nearly 50 per cent of hotels and restaurants in Mumbai may be forced to temporarily shut operations depending on the stock of cylinders they currently have. This will especially affect international tourists both, who are already here and those who will be visiting the country. Also, smaller and medium-sized eateries will be the first to be impacted, as they typically operate with limited reserves," says Pradeep Shetty, VP, FHRAI & Spokesperson, Hotel and Restaurant Association (Western India).
Indian Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) said on Tuesday that steps have been taken to enhance the production of liquefied petroleum gas (LPG) and prioritise its availability for domestic consumers as well as essential non-domestic sectors like hospitals and educational institutions.
They added that requests from other non-domestic sectors would be reviewed by a committee of executive directors from OMCs and prioritised on the basis of merit, necessity, and product availability. Bharat Petroleum Corporation Limited (BPCL) also confirmed the same.
"Our aspiration is to bring the Iranian people to cast off the yoke of tyranny; ultimately, it depends on them. But there is no doubt that with the actions taken so far, we are breaking their bones -- and we are not done yet," Netanyahu said during a visit to the National Health Command Centre.
