In a notable development, the demand for piped natural gas (PNG) is surging in the National Capital Region (NCR) of India, primarily due to growing concerns over the availability of liquefied petroleum gas (LPG). Indraprastha Gas Limited (IGL) has reported a significant increase in app registrations and new PNG connections as consumers seek alternatives amid the ongoing supply issues.

As the situation unfolds, IGL is actively scaling up its installation capacity to accommodate the rising demand for piped natural gas. The company’s efforts are aligned with the Indian government’s push to encourage a transition from LPG to PNG, which is seen as a more stable and accessible energy source.

The urgency of this shift has been underscored by the Centre’s directive to state governments to expedite approvals for piped gas projects. This move aims to facilitate quicker access to PNG infrastructure, which is crucial as the war in the Middle East has severely impacted India’s LPG supply, blocking nearly 60% of its imports.

In response to the increasing interest in PNG, companies like IGL and Mahanagar Gas Limited are also introducing incentives for customers who register for new connections before the end of March. This initiative is expected to further boost the adoption of piped natural gas in the region.

Despite these efforts, it is important to note that not all areas in India currently have access to PNG pipelines. The government is promoting the use of alternative cooking methods to address the ongoing LPG supply issues, indicating a broader strategy to ensure energy security.

Initial reactions from consumers have been positive, with many expressing relief at the availability of a reliable alternative to LPG. As the situation develops, stakeholders are closely monitoring the impact of these changes on the energy landscape in India.

Details remain unconfirmed regarding the exact timeline for the expansion of PNG infrastructure across all regions. However, the proactive measures being taken by IGL and the government signal a commitment to enhancing energy access for consumers.

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The Strait of Hormuz is considered one of the most important maritime chokepoints in the global energy system. Over 20 million barrels of crude oil pass through this narrow passage daily, making it a critical route for the world’s oil trade. Approximately 40% of India’s crude oil imports transit through this vital waterway, underscoring its significance for Indian energy security.

Recent Developments

On March 12, 2026, an Indian government source indicated that Iran would allow Indian-flagged oil tankers to transit the Strait of Hormuz. This announcement comes amid heightened tensions in the region, where Iran has reportedly attacked at least 16 ships since late February, raising concerns about the safety of maritime operations.

However, an Iranian source has denied that any formal agreement regarding the passage of Indian tankers has been reached, leaving the situation somewhat ambiguous. As of now, 28 Indian-flagged vessels are operating on both sides of the Strait, carrying 778 Indian sailors, which adds to the urgency of ensuring their safety.

Shipping and Safety Concerns

The Suezmax tanker Shenlong, carrying 135,335 metric tonnes of Saudi crude, recently arrived at port in Mumbai after successfully transiting the Strait of Hormuz. This marked the first crude carrier to reach India from the Middle East since the conflict began, highlighting the precarious nature of shipping in the area.

In light of the ongoing military attacks, the Indian foreign ministry has expressed its concern, stating, “India deplores the fact that commercial shipping is being made a target of military attacks in the ongoing conflict.” This statement underscores the risks faced by vessels operating in the region.

Statements from Key Parties

Alireza Tangsiri, an Iranian military official, raised questions about the safety of vessels in the Strait, stating, “Were the ships assured of safe passage through the Strait of Hormuz? This should be asked of the crews of the vessels Express Rome and Mayuree Naree.” He further emphasized that any vessel intending to pass must obtain permission from Iran, adding another layer of complexity to the situation.

What Lies Ahead

As the situation develops, observers are keenly watching how India and Iran will navigate this precarious relationship, especially concerning the safety of Indian vessels. Details remain unconfirmed regarding the exact nature of any agreement between the two nations about the safe passage of Indian tankers.

With 183 Iranian sailors provided safe harbor by India after their vessel docked amidst the conflict, the dynamics of cooperation and tension continue to evolve. The international community remains alert to the implications of these developments for maritime trade and regional stability.

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On March 9, 2026, Oil India Ltd. recorded a total traded volume of 48,83,579 shares, reflecting active trading amid fluctuating market conditions.

The company opened at ₹503.0, marking a gap-up of 3.82% from the previous close of ₹484.5. However, the last traded price settled at ₹478.4, indicating a day-on-day decline of 1.15%.

The current market capitalisation of Oil India Ltd. stands at ₹78,817 crores. This decline in share price occurred despite the company being upgraded from a Sell to a Hold rating on January 28, 2026.

On the same day, the broader Sensex index declined by 2.88%, reflecting a challenging environment for many stocks. Oil India Ltd.’s 1-day return was -1.37%, underperforming its sector’s 1-day return of -1.21%.

Sector Performance

Crude oil prices have recently exceeded $115 per barrel, contributing to volatility in the oil sector. Companies such as Bharat Petroleum and Hindustan Petroleum Corporation have faced significant declines, with Bharat Petroleum sinking 7% to ₹328.15 and HPCL’s shares dropping 6.7% to ₹378.1.

Additionally, profit forecasts for FY27 have been lowered for major oil marketing companies, with Indian Oil Corporation’s forecasts down by 19%, Bharat Petroleum’s by 15%, and Hindustan Petroleum’s by 46%.

Geopolitical Factors

The escalating conflict in the Middle East has triggered supply concerns, benefiting companies like ONGC. UBS noted that “the risk to oil prices remains skewed to the upside,” while Equirus Securities commented on the historical volatility of oil markets in response to geopolitical conflicts.

Details remain unconfirmed regarding the long-term impact of these geopolitical tensions on oil prices and the future profit outlook for oil marketing companies if pump prices remain unchanged.

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