The volatility in global energy markets has already spread to India, where fears of cooking gas shortages have prompted panic buying in Calcutta and other parts of the country. Cylinder hoarding and black marketing are also rampant, according to reports.
Analysts think liquefied petroleum gas, or LPG, shortages may persist in the coming weeks, despite the government's pressure on refinery businesses to increase production.
Prime Minister Narendra Modi has responded to the warnings, claiming that they are causing undue alarm. "Some people are trying to create panic on LPG," Modi said at a summit in New Delhi on Thursday. "I will only say they are not only exposing themselves before people but hurting the country."

He has also encouraged state governments to crack down on profiteering: "I request that state governments increase monitoring to prevent black-marketers and hoarders in such times."
Separately, Modi claims to have spoken with Iranian President Masoud Pezeshkian about the region's "serious situation". According to him, he expressed "deep concern over the escalation of tensions and the loss of civilian lives as well as the damage to civilian infrastructure."
"The safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India's top priorities," Modi wrote in a piece for X.The conversation illustrates India's efforts to retain open communications with Tehran while simultaneously maintaining ties with Washington and Gulf allies. India was formerly one of Iran's closest friends, importing substantial amounts of its oil, but the relationship deteriorated after the US reimposed sanctions.
Modi's remarks come as crude oil prices rose above $100 per barrel for the first time since 2022, following attacks on ships in the Gulf that have left millions of barrels stranded in the region. The worldwide Brent benchmark rose 9.2 percent in a single day on Thursday.

Vessel strikes in the Arabian Gulf have signaled what traders regard as a growing Iranian attempt to impede shipments beyond the Strait of Hormuz. Prior to the conflict, the small channel was one of the world's busiest energy lines, with over 80 tankers passing through it daily, transporting 20 million barrels of petroleum and fuel, according to a New York Times examination of shipping data. Now, just one or two ships per day make the voyage.
According to the International Energy Agency, the globe is seeing the "largest supply disruption in the history of the global oil market."Iran's new leader, Ayatollah Mojtaba Khamenei, stated in his first message since becoming Supreme Leader that the waterway will remain closed as a "tool of pressure" in the conflict. The message was read on Iranian state television on behalf of Khamenei, who has not been in public since being appointed to succeed his father, who was killed in a US attack on the war's opening day.
"LPG availability is the real variable to monitor in the coming weeks," says Sumit Ritolia, lead analyst at Kpler, which tracks ships and offers worldwide energy statistics.To alleviate the pressure, the government has directed fuel businesses to reduce petrochemical production and reroute raw materials to boost LPG supply. "Refineries can optimise LPG output by shifting feedstocks away from petrochemical production towards LPG recovery," Ritolia explains.
According to a Reliance Industries representative, the company is "optimising LPG production but we don't expect that to affect petrochemical production." The representative stated that the relocation would result in a significant boost in LPG output, but declined to provide specific figures.
Nonetheless, economists believe the hike will fall short of closing the deficit. Refineries may be able to increase LPG output by 10 to 20%, boosting domestic supply to 47 to 50% of demand.

"That would leave a significant gap that must still be filled through imports," Ritolia argues. Replacement supplies from outside the Middle East are available, however shipping times are significantly longer.
India has one of the world's largest LPG consumer bases, with over 330 million users. The government has boosted cooking gas prices by 7% for individuals and 6-to7% for commercial customers, fueling inflation concerns.
Prior to the Middle East crisis, inflation had already begun to rise. According to official statistics, India's consumer price index increased to 3.21% in February from 2.74% in January. Soaring oil prices threaten to raise inflation more, worsen the already massive trade gap, and hamper development.Crude oil's outlook has improved. A huge number of ships transporting Russian crude are already on the high seas, and India is anticipated to try to acquire as much of that supply as possible.
Analysts believe India might obtain 1.6 million barrels per day, or perhaps 2 million barrels, in line with the amounts it imported from Russia for many months last year, thereby reducing the shortfall from supplies that normally travel through the strait.