Compared with crude oil and liquefied natural gas (LNG), LPG supplies are tighter and there are fewer fallback sourcing options. “Unlike crude, India does not maintain strategic LPG reserves of comparable scale, making LPG flows more logistically vulnerable.”He said India had limited room to manoeuvre in finding replacement LPG supplies. Russia’s deputy prime minister, Alexander Novak, said on Wednesday that Moscow was ready to increase oil supplies to India and China. Higher crude prices feed directly into India’s import bill and may widen the trade deficit. Spot LNG prices in Asian markets have surged, with recent prices around $25 per million British thermal units, roughly double many long term contract rates.

Source: The Telegraph March 05, 2026 04:30 UTC