The Indian oil gas booking system, specifically Indane’s LPG refill service, has experienced a significant crash across the country. This disruption is attributed to a dramatic surge in customer calls, which have increased to 8-10 times the usual levels.

The crisis began when LPG gas booking volumes skyrocketed to 10 times the daily average due to recent government policy changes. As a result, the government has increased the minimum waiting period for booking a domestic LPG cylinder refill from 21 days to 25 days.

Supply and Demand Imbalance

Currently, the supply of domestic cylinders has been reduced by 50%, while demand has simultaneously increased by 50%. This imbalance has led to longer wait times for customers attempting to secure their LPG cylinder bookings.

In Delhi, the price of a standard 14.2kg LPG gas cylinder has risen to ₹913, marking an increase of ₹60. This price hike is reflective of the broader challenges facing the LPG market, where 60% of India’s needs are met through imports, which are currently delayed due to geopolitical tensions.

Customer Experience and Reactions

Consumers have reported frustration as they encounter longer wait times and difficulties in booking their refills. One consumer from Madipakkam noted that the IVR system kept repeating its message, indicating the system’s overload.

Employees at Indane distribution centers have observed increased anxiety among customers, with many crowding offices with their empty cylinders in hopes of receiving new ones. An employee remarked, “People were anxious and crowded the office with their empty cylinders to get new ones.”

Operational Challenges

Indane has acknowledged the unprecedented situation, stating, “We are currently facing an unprecedented situation.” Additionally, a distributor in Bengaluru reported that the vendor invoice management system is also down, compounding the challenges faced by the company.

As domestic production is prioritized, the ongoing disruptions in the booking system raise concerns about the ability to meet consumer demand effectively. Details remain unconfirmed regarding the timeline for resolution and whether supply levels will stabilize in the near future.

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The government’s recent decision to prioritize gas supply for household PNG and CNG has raised concerns about potential curtailments for industrial users. Analysts from Nomura estimate that a 20% reduction in gas supply to industrial and commercial segments could lead to a 3% decline in volumes for both Mahanagar Gas Limited (MGL) and Indraprastha Gas Limited (IGL).

Gujarat Gas Limited, which supplies approximately 49% of its total volume to industrial and commercial consumers, is expected to face a more significant impact, with estimates suggesting a 10% reduction in volumes.

Current Supply Situation

In the context of domestic LPG supply, the minimum waiting period for booking a refill in Noida 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 connections in Noida and 15,000 in Ghaziabad categorized 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.

Government Response

Authorities have issued directives to ensure that domestic consumers do not experience inconvenience in LPG supply, reflecting the government’s commitment to maintaining essential services amidst the curtailment of industrial gas supply.

The prioritization of gas for household use may lead to a scarcity of gas for industrial and commercial applications, impacting companies like IGL, MGL, and Gujarat Gas. Observers are closely monitoring the situation as further developments unfold.

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

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Adani Total Gas Limited (ATGL) shares jumped 13.08% to Rs 534.25 on March 11, 2026, as the company faced supply challenges linked to the ongoing conflict in the Middle East. The stock reached a high of Rs 544.00 and a low of Rs 474.90 during the trading session, reflecting significant volatility in the market.

Trading Volume and Market Activity

During the trading day, a total of 59.44 lakh shares were traded, with a total traded value of Rs 316.62 crore. This activity indicates a robust interest in ATGL shares, particularly in light of the recent price hike for industrial clients, which has now seen over 40% of ATGL’s daily contract quantity priced at Rs 119 per standard cubic metre.

Impact of Global Events

The increase in ATGL’s share price is closely tied to supply problems stemming from the ongoing conflict in the Middle East. Qatar, a major supplier of liquefied natural gas (LNG) to India, has halted LNG production due to the conflict, which has significantly reduced gas supplies to the country. India imports approximately 40% of its LNG from Qatar, making this situation particularly impactful.

Comparative Valuation

As of the latest trading data, ATGL trades at a price-to-earnings (P/E) ratio of around 58.5x. This valuation is notably higher than its competitors, Indraprastha Gas Limited (IGL) and Mahanagar Gas Limited (MGL), which have P/E ratios of approximately 44.2x and 39.8x respectively. Analysts have raised concerns regarding ATGL’s high valuation, suggesting it may pose risks for investors in the current market climate.

Year-to-Date Performance

Despite the recent surge, ATGL’s year-to-date returns remain negative at -9.74%, with one-year returns at -10.21%. This performance highlights the challenges the company has faced over the past year, even as it experiences short-term gains due to external factors.

Looking ahead, the long-term sustainability of the recent price increases is uncertain. Potential regulatory reviews and ongoing volatility in global LNG markets could impact ATGL’s performance. Details remain unconfirmed regarding how these factors will play out in the coming months.

The recent rise in ATGL’s share price underscores the intricate relationship between global events and local market dynamics. Investors will be closely monitoring the situation as it develops, particularly in light of the supply issues stemming from the Middle East conflict.

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