The Indian government has officially raised the minimum waiting period for booking a domestic LPG cylinder refill from 21 days to 25 days. This move aims to curb hoarding behavior triggered by panic buying amid rising concerns linked to the ongoing Iran war.
Officials noted that while there’s ample supply of LPG in the country, this decision is crucial for effective inventory management. Demand has surged by 15 to 20% as households worry about possible disruptions in supply due to geopolitical tensions.
“The average household typically uses around 7-8 cylinders of 14.2 kg annually,” an official explained. “They shouldn’t need a refill any sooner than six weeks.” This adjustment is intended to stabilize market conditions and prevent unnecessary stockpiling.
In related news, a senior government official confirmed that petrol and diesel prices won’t see increases for now, even as international crude oil prices have crossed $100 per barrel. Indian Oil, Bharat Petroleum, and Hindustan Petroleum are expected to absorb these costs temporarily without passing them on to consumers.
“We’re closely monitoring global oil markets,” he added, indicating no immediate plans to raise fuel prices at retail outlets.
During a session in Parliament on Monday, Minister of State for Petroleum and Natural Gas Suresh Gopi reported that India currently maintains strategic reserves capable of covering crude oil needs for up to 74 days—enough buffer against potential shortages arising from geopolitical conflicts.
The Strategic Petroleum Reserves set up across the nation can hold about 5.33 million metric tonnes (MMT) of oil, which equates to approximately nine-and-a-half days’ worth of crude requirements. In addition, oil marketing companies provide another storage capacity ensuring overall preparedness against supply shocks.