The government has prioritized gas supply for household PNG and CNG, which may lead to a significant curtailment for industrial users. This decision could have far-reaching implications for companies like Indraprastha Gas Limited (IGL), Mahanagar Gas Limited (MGL), and Gujarat Gas Limited.

Gujarat Gas has approximately 49% of its total volume supplied to industrial and commercial consumers, making it particularly vulnerable to supply disruptions. In contrast, MGL and IGL have 16% and 13% of their total gas distribution allocated to these segments, respectively.

Analysts from Nomura estimate that a 20% curtailment in gas supply to industrial and commercial segments could impact both MGL and IGL by around 3% on volumes. However, Gujarat Gas is projected to face a more substantial impact of around 10% due to its higher exposure to the industrial and commercial sector.

The situation in Noida, where the minimum waiting period for booking a domestic LPG cylinder refill has increased to 25 days from 21 days, highlights the growing concerns over gas supply. Noida has around 10 lakh LPG connections, while Ghaziabad has 12 lakh connections, with approximately 8,000 in Noida and 15,000 in Ghaziabad classified as commercial.

Despite these challenges, the supply of PNG and CNG in the region has continued without interruption. The gas supply network in western Uttar Pradesh is connected to the Hazira-Vijaipur-Jagdishpur pipeline operated by GAIL (India) Limited, which has been crucial in maintaining supply.

Authorities have issued directions to ensure that domestic consumers do not face inconvenience in LPG supply, reflecting the government’s commitment to prioritizing household needs amid the ongoing supply challenges. However, the long-term effects of this policy on industrial users remain to be seen.

Details remain unconfirmed regarding how long the curtailment will last and its full impact on the market. Observers are closely monitoring the situation as it develops, particularly for companies like IGL and MGL that are heavily reliant on industrial gas supply.

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Adani Total Gas shares jumped 13.08% to Rs 534.25 on March 11, 2026, following disruptions in liquefied natural gas (LNG) supply from the Middle East. The stock reached an intraday high of Rs 544.00 during trading hours.

The surge in share price is attributed to a halt in LNG production by Qatar, which is a significant supplier to India, providing around 40% of its LNG imports. This halt was triggered by an Iranian drone attack, which has raised concerns over the stability of energy supplies in the region.

In response to these supply disruptions, Adani Total Gas has increased its gas prices to Rs 119 per standard cubic metre. This price adjustment reflects the ongoing challenges in securing stable energy supplies amidst geopolitical tensions.

During the trading session, a total of 59.44 lakh shares were traded, with a total traded value of Rs 316.62 crore. Despite this positive movement, the stock has seen a year-to-date decline of -9.74% and a one-year return of -10.21%.

The ongoing conflict in the Middle East has significantly affected global energy routes, particularly shipments through the Strait of Hormuz. This situation has led to quick reactions in the stock market from gas-linked companies in India.

“The rise in Adani Total Gas Limited share price is due to supply problems arising due to the ongoing conflict in the Middle East,” commented an industry analyst. Another expert noted, “Whenever international energy routes face disruptions, gas-linked companies in India often react quickly in the stock market today.”

As the situation evolves, market participants are closely monitoring developments in the Middle East, which could further impact LNG supply and pricing in India. Details remain unconfirmed regarding the long-term implications of these disruptions on the energy sector.

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The ongoing crisis in the Middle East raises the question: why are gas prices in India surging? The answer lies in supply disruptions caused by regional tensions, particularly affecting liquefied petroleum gas (LPG) and liquefied natural gas (LNG) supplies.

As of March 11, 2026, the price of a 14.2 kg non-subsidised LPG cylinder in Delhi has reached ₹913.00, following a ₹60 hike implemented on March 7. This increase is significant given that India imports around 60 percent of its total LPG demand, primarily from the Middle East.

The crisis has led to disruptions in shipments through the Strait of Hormuz, a crucial global energy transit corridor. This has tightened supplies, with heightened security risks affecting tanker movements. As a result, gas prices are expected to remain volatile.

Adani Total Gas, one of the major players in the market, has seen its shares jump by 13.08 percent due to a price hike for industrial clients. The company has increased gas prices in response to disruptions in LNG supply routes, further contributing to the rising costs.

Other gas-related stocks, such as Gujarat Gas, have also rallied sharply, with increases of up to 15 percent. This reflects investor confidence in the sector despite the challenges posed by the ongoing conflict in the Middle East.

The situation has been exacerbated by Qatar halting LNG production due to the conflict in West Asia, which has further strained supply chains. European natural gas prices surged nearly 40 percent last week, indicating a broader impact on global energy markets.

Domestic cooking gas prices have risen by ₹60 per cylinder, while commercial LPG prices have increased by ₹114.5. This trend highlights the interconnectedness of global energy markets and the direct impact of geopolitical events on local economies.

India’s reliance on imports for its energy needs underscores the vulnerability of its gas market to international disruptions. As the conflict continues, the long-term implications for gas prices in India remain uncertain.

In summary, the rise in gas prices in India is a direct consequence of the ongoing Middle East crisis, with significant implications for consumers and the energy market as a whole.

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