On March 12, 2026, two oil tankers carrying roughly 3 million barrels of West Asian oil arrived in India, marking a significant boost in the country’s energy supplies. The delivery comes at a time when India is negotiating with Iran for the safe passage of vessels headed to its ports.

One of the tankers, the Liberia-flagged Shenlong, is transporting approximately 1 million barrels of Saudi Arabian crude oil, while the other is an India-flagged Very Large Crude Carrier (VLCC) carrying around 2 million barrels of crude from Iraq.

The arrival of these tankers has raised hopes for more stable energy supplies to India, which relies on imports for around 60% of its liquefied petroleum gas (LPG) requirement, with 90% of these imports transiting through the Strait of Hormuz.

Randhir Jaiswal, the External Affairs Minister of India, noted that he and Iran’s Foreign Minister have had three conversations recently regarding shipping safety and energy security. He emphasized that the objective of these diplomatic engagements is to keep the sea route open for Indian vessels, ensuring that shipments of crude oil and LPG continue without major disruption.

However, disruptions linked to the ongoing conflict involving the US, Israel, and Iran, as well as instability around the Strait of Hormuz, have triggered a shortage of commercial LPG in India. This situation has had a notable impact on the hospitality sector, which relies heavily on stable LPG supplies.

On the stock market, Indian Oil Corporation (IOC) recorded a total traded volume of 56,34,938 shares on the same day. The stock opened at ₹157.40, down 2.01% from the previous close of ₹160.63, with the last traded price at ₹157.20, reflecting a day’s loss of 1.43%. IOC currently holds a market capitalization of ₹2,26,928 crores.

Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz. Additionally, the long-term implications of the current disruptions in LPG supply remain uncertain.

As India navigates these challenges, Prime Minister Modi has reportedly stressed that the issues stem from global developments and are not unique to India, assuring that the government is prepared to handle any disruptions effectively.

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Shares of TTK Prestige, Stove Kraft, and Butterfly Gandhimathi Appliances experienced a notable surge of up to 15% intraday, driven by a significant increase in demand for electric cooking appliances. This trend is largely attributed to growing concerns about potential disruptions in the supply of liquefied petroleum gas (LPG), prompting consumers to shift their preferences towards electric options.

Acquisition in the Beauty Sector

In a parallel development, Estée Lauder is set to acquire Forest Essentials, a prominent Indian prestige Ayurvedic beauty brand. Founded by Mira Kulkarni in 2000, Forest Essentials has established a robust presence with approximately 200 stores across India.

Forest Essentials reported a revenue of about €54.7 million (approximately INR 585 crore) for the financial year ending March 2025, reflecting an impressive 18% year-on-year growth. This positions the brand among the top two in India’s homegrown prestige beauty market, which holds around 10% market share.

Future of the Prestige Market

India’s prestige and luxury beauty market is projected to grow to $4 billion by 2035, indicating a robust future for brands like Forest Essentials and Kama Ayurveda, which reported revenues of INR 141 crore (approximately €13.18 million) for the same financial year.

Estée Lauder previously held a 49% stake in Forest Essentials in 2020, highlighting the brand’s established reputation and potential for growth within the prestige segment.

As the market evolves, the shift towards electric cooking appliances and the expansion of prestige beauty brands reflect changing consumer preferences and economic dynamics. Details remain unconfirmed regarding the full implications of these developments, but the trajectory suggests a promising future for both sectors.

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Government Actions

As part of the measures implemented, the Ministry of Petroleum and Natural Gas directed oil refineries and petrochemical units to maximize their production of LPG. This directive specifically emphasized the need for increased production to meet domestic demand.

Additionally, the government prioritized the allocation of natural gas to certain sectors, ensuring that fertilizer plants maintain at least 70 percent of their past six-month average gas consumption. This allocation is crucial for maintaining agricultural productivity amid supply constraints.

Gas marketing entities were also instructed to ensure that 80 percent of their gas supply is directed to tea industries and other industrial consumers. Similarly, City Gas Distribution entities must maintain 80 percent gas supply to industrial and commercial consumers.

In contrast, oil refining companies were ordered to reduce their gas allocation to approximately 65 percent of their past six-month gas consumption, reflecting the need to balance supply across various sectors.

Regulatory Measures

To prevent hoarding and black marketing, a 25-day inter-booking period was introduced. This measure aims to regulate the availability and equitable distribution of petroleum products and natural gas, ensuring that households receive the necessary LPG supply.

The government has also mandated that every producer, importer, transporter, marketer, or distributor of natural gas must furnish information to the Central Government, enhancing transparency and oversight in the supply chain.

Current State

As of now, the invocation of the ESMA Act has set a framework for managing LPG supply amid ongoing challenges. The Ministry of Petroleum and Natural Gas has stated, “In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, the Ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use.” This statement underscores the urgency of the situation and the government’s commitment to energy security.

This sequence of events is critical for ensuring that households have access to essential cooking gas, particularly during a time of international uncertainty. The measures taken by the government reflect a proactive approach to safeguarding domestic energy needs while navigating complex global supply issues.

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