On 12 March 2026, Brent crude oil prices increased to approximately $98.84 per barrel, reflecting ongoing tensions in the global oil market. In Delhi, petrol and diesel prices remained stable at ₹94.77 and ₹87.67 per litre, respectively. The price of CNG in the capital also held steady at ₹77.09 per kg.

Domestic LPG prices saw a notable increase earlier in the month, rising by ₹60 to reach ₹913.00 per cylinder on 7 March 2026. This surge in LPG prices comes amid broader market disruptions linked to geopolitical events.

Gold and Silver Prices

In the precious metals market, 24-carat gold was priced at ₹1,61,940 per 10 grams on 12 March 2026, while 22-carat gold was at ₹1,48,445 per 10 grams. Silver prices also saw a significant figure, standing at ₹2,67,510 per kg.

Gold prices have surged more than 75% over the past year, a trend that underscores the metal’s appeal as a safe-haven asset amid economic uncertainties. Historically, gold has delivered a compounded annual return of 15.6% over the past two decades, reinforcing its status as a reliable investment.

On 11 March, member countries of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from emergency reserves to stabilize the market. This decision comes as global observed inventories of crude and products are assessed at more than 8.2 billion barrels, indicating a complex landscape for oil supply and demand.

The global oil market is experiencing disruptions due to the war in the Middle East, affecting crude production and exports. As these dynamics evolve, market observers are closely monitoring fuel and gold prices for further developments.

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As of March 12, 2026, fuel prices in Delhi reflect a complex interplay of market dynamics and government policy. The price of petrol stands at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. These prices have remained stable for over six months, largely due to government intervention and the cost absorption strategies employed by oil marketing companies (OMCs).

Impact of LPG Price Increase

On March 7, 2026, the price of domestic liquefied petroleum gas (LPG) saw an increase of ₹60, bringing the cost to ₹913.00 for a 14.2 kg cylinder. In contrast, the commercial LPG price is now ₹1,884.50 for a 19 kg cylinder. This rise in LPG prices has raised concerns among consumers, particularly as it directly affects household budgets and cooking costs.

CNG Pricing and Its Implications

Compressed natural gas (CNG), another crucial fuel for transportation, is currently priced at ₹77.09 per kg in Delhi. The pricing of CNG is particularly significant as it is often viewed as a cleaner alternative to petrol and diesel, contributing to better air quality in urban areas. However, fluctuations in its price can impact the adoption rate among consumers.

Gold Prices Amidst Fuel Trends

Interestingly, while fuel prices fluctuate, the gold market remains relatively stable. As of the same date, the price of 24K gold in Delhi is ₹16,237 per gram, and 22K gold is priced at ₹14,885 per gram. This stability in gold prices may provide a buffer for consumers facing rising fuel costs, as they may turn to gold as a more stable investment.

Environmental Considerations

The stability of petrol and diesel prices has implications for air quality in India. With the government’s focus on maintaining these prices, there is a potential risk of complacency regarding the transition to cleaner fuels. As air quality remains a pressing issue in many Indian cities, the reliance on fossil fuels continues to pose challenges for public health and environmental sustainability.

Current State of Affairs

As it stands, the fuel pricing landscape in India is marked by a delicate balance between consumer affordability and environmental responsibility. The recent increase in LPG prices and the stable rates of petrol and diesel indicate ongoing challenges for the average consumer, while also highlighting the need for continued investment in alternative energy sources.

The sequence of events surrounding fuel prices and air quality in India is crucial for understanding the broader economic and environmental landscape. With rising LPG costs and stable petrol and diesel prices, consumers are left navigating a complex situation that affects their daily lives. The ongoing trends in fuel pricing will continue to shape the discourse on energy consumption and environmental health in India.

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The government has decided to prioritize gas supply for household PNG and CNG, which may lead to a curtailment of supply for industrial users. This decision is expected to have varying impacts on companies such as Indraprastha Gas Limited (IGL), Gujarat Gas Limited, and Mahanagar Gas Limited.

Impact on Companies

Gujarat Gas has approximately 49% of its total volume supplied to industrial and commercial consumers, making it particularly vulnerable to the supply changes. Mahanagar Gas Limited (MGL) and Indraprastha Gas Limited (IGL) have 16% and 13% of their total gas distribution allocated to industrial and commercial segments, respectively.

Analysts from Nomura estimate that a 20% curtailment in gas supply to these segments could impact MGL and IGL by around 3% each on their volumes. In contrast, Gujarat Gas is likely to face a more substantial impact, estimated at around 10% on its volumes due to its higher exposure to the industrial and commercial segment.

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 around 10 lakh LPG connections in Noida and 12 lakh in Ghaziabad, with approximately 8,000 and 15,000 connections classified as commercial, respectively.

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 so far maintained its operations.

Government Measures

Authorities have issued directions to ensure that domestic consumers do not face inconvenience in LPG supply. However, the prioritization of household needs over industrial requirements raises concerns about the future availability of gas for commercial use.

Looking Ahead

As the situation develops, observers will be closely monitoring the impacts on gas supply and the potential long-term effects on industrial consumers. Details remain unconfirmed regarding the full extent of the curtailment’s impact on specific companies and sectors.

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Issuance of the Natural Gas Supply Regulation Order

On March 9, 2026, the Central Government issued the Natural Gas (Supply Regulation) Order, 2026, under the Essential Commodities Act of 1955. This regulation is designed to manage the supply of natural gas in light of the disruptions caused by the conflict in West Asia, which has affected liquefied natural gas (LNG) shipments through critical routes such as the Strait of Hormuz.

Prioritization of Gas Supply

The regulation establishes a tiered priority system for gas distribution. Priority Sector I includes domestic piped natural gas (PNG), compressed natural gas (CNG), LPG production, and essential pipeline operational needs, which will receive 100% of their average gas consumption. Priority Sector II, which encompasses fertilizer plants, is allocated 70% of their average gas consumption to ensure continued production.

Impact on Industrial Consumers

Priority Sector III, which includes tea industries and other industrial consumers connected to the national gas grid, will receive 80% of their average consumption. Similarly, Priority Sector IV applies to industrial and commercial consumers supplied through City Gas Distribution (CGD) networks, also receiving 80% of their average consumption. This structured approach aims to safeguard essential services and industries during the ongoing crisis.

Adjustments for Non-Priority Sectors

To accommodate the needs of these priority sectors, gas supplies may be curtailed from non-priority sectors. Notably, oil refineries have been directed to reduce their gas consumption to approximately 65% of their average over the past six months. This reduction is part of the government’s broader strategy to manage limited resources effectively.

Management and Compliance

GAIL has been appointed to oversee the diversion and redistribution of natural gas under the newly issued order. Furthermore, all entities involved in natural gas production, importation, and distribution are required to furnish detailed information regarding their operations to the Petroleum Planning and Analysis Cell. This includes data on production, imports, stocks, allocation, and consumption.

Significance of the Regulation

The issuance of the Natural Gas Supply Regulation Order is a critical step for the Indian government in ensuring energy security for its citizens amid ongoing uncertainty in the global oil and energy markets. As noted by government officials, “The order aims to ensure equitable distribution of gas after Liquefied Natural Gas (LNG) shipment disruptions.” This regulation not only addresses immediate supply concerns but also reflects the government’s commitment to prioritizing essential services during times of crisis.

As the situation continues to evolve, the government’s proactive measures in regulating gas supply will play a vital role in maintaining stability within the energy sector. The prioritization of gas for essential services underscores the importance of strategic resource management in the face of global disruptions.

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