The government has decided to prioritize gas supply for household PNG and CNG, which may lead to a significant curtailment for industrial users. This shift could impact 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 the changes. In contrast, Mahanagar Gas Limited has around 16% and Indraprastha Gas Limited about 13% of their total gas distribution allocated to these segments.

Analysts from Nomura estimate that a 20% curtailment in gas supply to industrial and commercial segments could result in a 3% impact on volumes for both MGL and IGL. However, Gujarat Gas is expected to face a more significant challenge, with an estimated 10% impact on its volumes due to its higher exposure to the industrial and commercial sectors.

In Noida, the minimum waiting period for booking a domestic LPG cylinder refill has increased to 25 days, up from 21 days. This change affects the approximately 10 lakh LPG connections in the area, alongside 12 lakh connections in Ghaziabad, where around 15,000 are 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, which is operated by GAIL (India) Limited.

Authorities have issued directives to ensure that domestic consumers do not face inconvenience in LPG supply, aiming to mitigate the impact of the curtailment on households.

The government’s decision to prioritize gas supply for essential segments may lead to a scarcity of gas for industrial and commercial use, raising concerns among stakeholders in the energy sector.

Details remain unconfirmed regarding the long-term implications of these changes on the overall gas supply landscape and the affected companies.

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Adani Total Gas Limited’s share price experienced a notable increase of 13.08%, reaching Rs 534.25 on March 11, 2026. This surge is attributed to reduced liquefied natural gas (LNG) supply from the Middle East, particularly following a drone attack on Qatar’s production facilities.

During the trading session, the stock peaked at an intraday high of Rs 544.00. A total of 59.44 lakh shares were traded, resulting in a traded value of Rs 316.62 crore.

India relies heavily on LNG imports, with approximately 40% of its supply sourced from Qatar. The recent halt in LNG production in Qatar has raised concerns over energy availability 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 adjustment reflects the challenges faced by gas-linked companies in India during times of international energy route disruptions.

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

Despite the recent surge, Adani Total Gas’s year-to-date returns stand at -9.74%, with one-year returns at -10.21%. The market’s volatility highlights the ongoing challenges within the energy sector.

Analysts note that the rise in Adani Total Gas Limited’s share price is primarily due to supply problems arising from the ongoing conflict in the Middle East. Such disruptions often lead to immediate reactions in the stock market.

As the situation develops, stakeholders in the energy sector are closely monitoring the impacts of international conflicts on supply chains and market stability. Details remain unconfirmed regarding the long-term effects of these disruptions on pricing and availability.

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The ongoing crisis in the Middle East has raised significant concerns about gas prices in India. 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 increase on March 7. This surge can be attributed to a shortage of LPG supplies, which has been exacerbated by regional tensions.

India imports around 60 percent of its total LPG demand, primarily from the Middle East, making the country particularly vulnerable to disruptions in this region. The conflict has already begun to affect India’s energy market, particularly impacting natural gas and LPG supplies.

Market Reactions and Stock Performance

In response to the rising gas prices, shares of gas-related companies have seen notable increases. Adani Total Gas shares jumped by 13.08 percent, reflecting the market’s reaction to the price hike for industrial clients. The rise in share prices is also linked to supply problems arising from the ongoing conflict in the Middle East.

Other gas-related stocks, including Gujarat Gas, have rallied sharply, with increases of up to 15 percent. This trend highlights the broader impact of the crisis on the energy sector in India.

Global Context and Supply Disruptions

The Strait of Hormuz, a crucial global energy transit corridor, is currently facing severe disruptions due to heightened security risks. This has tightened supplies and contributed to the rising gas prices in India. Additionally, Qatar has halted LNG production because of the conflict in West Asia, further straining the supply chain.

European natural gas prices surged nearly 40 percent last week following Qatar Energy’s production stoppage at a key LNG facility, indicating the global ramifications of the regional crisis.

Looking Ahead

As the situation in the Middle East continues to evolve, the impact on gas prices in India remains a critical concern. With domestic cooking gas prices having increased significantly, the long-term effects on consumers and the broader economy are yet to be fully understood. Details remain unconfirmed regarding future price adjustments and supply stability.

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