LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days

#### Key Updates

• Explained: LPG shortage: what’s the cheaper option to cook?

• Electrifying industrial heat as a path to India’s thermal independence

• March 13, 2026 08:16 Moscow says global energy market 'cannot remain stable' without Russian oil Russia’s economic envoy Kirill Dmitriev said on Friday (March 13, 2026) that the global energy market “cannot remain stable” without his country’s oil.His comments came after the United States said it would temporarily allow the sale of Russian oil that is at sea, as energy prices soared after US-Israeli strikes on Iran plunged the oil-rich Middle East into war.“The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable,” Dmitriev posted on Telegram. -- AFP

Russia’s economic envoy Kirill Dmitriev said on Friday (March 13, 2026) that the global energy market “cannot remain stable” without his country’s oil.

His comments came after the United States said it would temporarily allow the sale of Russian oil that is at sea, as energy prices soared after US-Israeli strikes on Iran plunged the oil-rich Middle East into war.

“The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable,” Dmitriev posted on Telegram. -- AFP

• March 13, 2026 08:04 No shortage of piped natural gas in Bengaluru: GAIL GasThere is no shortage of gas supply for Piped Natural Gas (PNG) in Bengaluru and hotels, restaurants, and industries under the PNG network would continue to receive uninterrupted supply of the fuel, assured a senior officer at GAIL Gas Ltd., a subsidiary of GAIL (India) here on Thursday.Speaking at an industry interactive session on ‘Natural Gas Supply Outlook and Industry Preparedness’ organised by the Bangalore Chamber of Industry & Commerce (BCIC), the official said, “The PNG supply in Bengaluru remains stable and fully under control. Industries, hotels and commercial establishments that are connected to the PNG network need not be concerned, as there is no disruption in supply and business operations will continue uninterrupted.”No shortage of piped natural gas in Bengaluru: GAIL GasGAIL Gas assures Bengaluru that Piped Natural Gas supply remains stable, enabling seamless transitions from LPG for eateries and industries.

There is no shortage of gas supply for Piped Natural Gas (PNG) in Bengaluru and hotels, restaurants, and industries under the PNG network would continue to receive uninterrupted supply of the fuel, assured a senior officer at GAIL Gas Ltd., a subsidiary of GAIL (India) here on Thursday.

Speaking at an industry interactive session on ‘Natural Gas Supply Outlook and Industry Preparedness’ organised by the Bangalore Chamber of Industry & Commerce (BCIC), the official said, “The PNG supply in Bengaluru remains stable and fully under control. Industries, hotels and commercial establishments that are connected to the PNG network need not be concerned, as there is no disruption in supply and business operations will continue uninterrupted.”

No shortage of piped natural gas in Bengaluru: GAIL Gas

GAIL Gas assures Bengaluru that Piped Natural Gas supply remains stable, enabling seamless transitions from LPG for eateries and industries.

• March 13, 2026 08:03 Explained: LPG shortage: what’s the cheaper option to cook?LPG shortage: what’s the cheaper option to cook?As hotels, hostels, and community kitchens grapple with the unexpected shortage of LPG, those with electric cooking equipment feel they are in a safer position. But, is it the best option for you?

LPG shortage: what’s the cheaper option to cook?

As hotels, hostels, and community kitchens grapple with the unexpected shortage of LPG, those with electric cooking equipment feel they are in a safer position. But, is it the best option for you?

• March 13, 2026 08:02 Electrifying industrial heat as a path to India’s thermal independenceIn the industrial town of Morbi in Gujarat, the air usually hums with the roar of gas-fired kilns producing millions of square metres of ceramic tiles. Today, however, a quarter of those kilns are cold. Nearly a thousand kilometres away in Ludhiana, Punjab, the textile hubs that clothe a third of India are facing a similar paralysis. The reason is geopolitical.As the conflict between the U.S. and Iran intensifies, the Strait of Hormuz, the world’s most vital oil and gas artery, has turned into a gauntlet. India imports nearly half of its natural gas and immediately felt the pinch — rendered more painful by the Ministry of Petroleum and Natural Gas, slashing gas allocations to non-priority industrial sectors to just 65-80% of their contracted volumes.Electrifying industrial heat as a path to India’s thermal independenceExplore how electrifying industrial heat can drive India's thermal independence amidst geopolitical challenges and energy supply crises.

In the industrial town of Morbi in Gujarat, the air usually hums with the roar of gas-fired kilns producing millions of square metres of ceramic tiles. Today, however, a quarter of those kilns are cold. Nearly a thousand kilometres away in Ludhiana, Punjab, the textile hubs that clothe a third of India are facing a similar paralysis. The reason is geopolitical.

As the conflict between the U.S. and Iran intensifies, the Strait of Hormuz, the world’s most vital oil and gas artery, has turned into a gauntlet. India imports nearly half of its natural gas and immediately felt the pinch — rendered more painful by the Ministry of Petroleum and Natural Gas, slashing gas allocations to non-priority industrial sectors to just 65-80% of their contracted volumes.

Electrifying industrial heat as a path to India’s thermal independence

Explore how electrifying industrial heat can drive India's thermal independence amidst geopolitical challenges and energy supply crises.

• March 13, 2026 08:01 PM Modi hits out at those creating panic; asks States to monitor black marketers, hoardersPrime Minister Narendra Modi on Thursday (March 12, 2026) hit out at those trying to create panic on the LPG situation in India, and said they are not only exposing themselves before the people but also hurting the country.Addressing a summit in New Delhi, Mr. Modi also said that due to the ongoing conflict in West Asia, no nation has remained unaffected, but India is fully committed to addressing this challenge and is leaving no stone unturned to safeguard its energy security.LPG crisis: PM Modi hits out at those creating panic; asks States to monitor black marketers, hoardersPM Modi condemns panic over LPG, urges states to combat black marketing, and emphasizes India's energy security amid global crises.

Prime Minister Narendra Modi on Thursday (March 12, 2026) hit out at those trying to create panic on the LPG situation in India, and said they are not only exposing themselves before the people but also hurting the country.

Addressing a summit in New Delhi, Mr. Modi also said that due to the ongoing conflict in West Asia, no nation has remained unaffected, but India is fully committed to addressing this challenge and is leaving no stone unturned to safeguard its energy security.

LPG crisis: PM Modi hits out at those creating panic; asks States to monitor black marketers, hoarders

PM Modi condemns panic over LPG, urges states to combat black marketing, and emphasizes India's energy security amid global crises.

• March 13, 2026 07:48 West Bengal frames SOP to avert fuel crisis, ensure continuity of critical public servicesThe West Bengal government on Thursday chalked out the standard operating procedure (SOP) to manage the supply and distribution of liquefied petroleum gas (LPG) amid reports of fuel shortage in the country triggered by the conflict in West Asia.Chief Minister Mamata Banerjee had called for the framing of an SOP at an emergency meeting on Wednesday to discuss ways to mitigate the situation.“This SOP is issued to guide coordinated monitoring, stabilise supplies, and facilitate immediate redressal of public grievances. It aims to ensure continuity of critical public services such as midday meals in schools, Integrated Child Development Services, hospital diets, and essential domestic consumption,” the SOP stated.West Bengal govt. frames SOP to avert fuel crisis, ensure continuity of critical public services

The West Bengal government on Thursday chalked out the standard operating procedure (SOP) to manage the supply and distribution of liquefied petroleum gas (LPG) amid reports of fuel shortage in the country triggered by the conflict in West Asia.

Chief Minister Mamata Banerjee had called for the framing of an SOP at an emergency meeting on Wednesday to discuss ways to mitigate the situation.

“This SOP is issued to guide coordinated monitoring, stabilise supplies, and facilitate immediate redressal of public grievances. It aims to ensure continuity of critical public services such as midday meals in schools, Integrated Child Development Services, hospital diets, and essential domestic consumption,” the SOP stated.

West Bengal govt. frames SOP to avert fuel crisis, ensure continuity of critical public services

• March 13, 2026 07:47 No shortage of fuel in country, says governmentThere is no shortage of petrol, diesel, kerosene, and aviation turbine fuel in the country, Union Petroleum Minister Hardeep Singh Puri informed the Lok Sabha on Thursday (March 12, 2026) while adding that India’s crude supply has been secured amid the conflict in West Asia.“This is not the moment for rumour-mongering or fake narratives. India is navigating the most severe global energy disruption in recorded history,” Mr. Puri said, adding, “Every citizen, regardless of political affiliation, has a stake in that. India must stand united behind its energy warriors, behind the institutions managing this crisis, and behind the national interest.”No shortage of fuel in country, says governmentGovernment assures no fuel shortage in the country, prioritizing cooking gas supply and regulating commercial LPG to prevent hoarding.

There is no shortage of petrol, diesel, kerosene, and aviation turbine fuel in the country, Union Petroleum Minister Hardeep Singh Puri informed the Lok Sabha on Thursday (March 12, 2026) while adding that India’s crude supply has been secured amid the conflict in West Asia.

“This is not the moment for rumour-mongering or fake narratives. India is navigating the most severe global energy disruption in recorded history,” Mr. Puri said, adding, “Every citizen, regardless of political affiliation, has a stake in that. India must stand united behind its energy warriors, behind the institutions managing this crisis, and behind the national interest.”

No shortage of fuel in country, says government

Government assures no fuel shortage in the country, prioritizing cooking gas supply and regulating commercial LPG to prevent hoarding.

• March 13, 2026 07:46 Asian stocks slide as Iran war keeps oil near $100, dents rate-cut betsAsian stocks slumped on Friday (March 13, 2026), poised for a second straight weekly decline as fast-dwindling hopes of a resolution to the U.S. and Israel’s war with Iran kept oil prices aloft, casting ‌a shadow over global markets and spurring inflation fears.The U.S. dollar has become the safe-haven of choice during the tumult, putting most other currencies under pressure. The dollar was set for a second ⁠consecutive week of gains and is up 2% since the war broke out at the end of February.Oil prices remained close to the closely watched $100 per barrel level, although they eased a bit in early trading on Friday after U.S. issued a 30-day license ‌for countries to buy Russian oil and petroleum products currently stranded at sea.Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel.In Asia, MSCI’s broadest index of ‌Asia-Pacific shares eased 0.5%, on course for a 1.5% decline for the week. Japan’s Nikkei fell 1.3%, while tech-heavy ‌South Korean ⁠stocks slid nearly 2% and Taiwan equities fell 1%.With Iran stepping up attacks across the Middle ⁠East as its new Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz shipping lane closed, investors are bracing for a prolonged conflict and higher oil prices. -- Reuters

Asian stocks slumped on Friday (March 13, 2026), poised for a second straight weekly decline as fast-dwindling hopes of a resolution to the U.S. and Israel’s war with Iran kept oil prices aloft, casting ‌a shadow over global markets and spurring inflation fears.

The U.S. dollar has become the safe-haven of choice during the tumult, putting most other currencies under pressure. The dollar was set for a second ⁠consecutive week of gains and is up 2% since the war broke out at the end of February.

Oil prices remained close to the closely watched $100 per barrel level, although they eased a bit in early trading on Friday after U.S. issued a 30-day license ‌for countries to buy Russian oil and petroleum products currently stranded at sea.

Brent futures were last at $99.85 a barrel, while West Texas Intermediate crude was at $95.05 a barrel.

In Asia, MSCI’s broadest index of ‌Asia-Pacific shares eased 0.5%, on course for a 1.5% decline for the week. Japan’s Nikkei fell 1.3%, while tech-heavy ‌South Korean ⁠stocks slid nearly 2% and Taiwan equities fell 1%.

With Iran stepping up attacks across the Middle ⁠East as its new Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz shipping lane closed, investors are bracing for a prolonged conflict and higher oil prices. -- Reuters

• March 13, 2026 07:44 U.S. grants India-like waiver to other countries to buy Russian oilAmid rising oil prices, the Trump administration has announced a temporary authorisation to other countries to purchase Russian oil currently stranded at sea, as there were no immediate signs of an early end to the U.S. war on Iran.The U.S. had granted a similar waiver from sanctions to India to buy Russian oil as part of efforts to cool down oil prices that have been on the rise since the outbreak of war on February 28.“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” U.S. Treasury Secretary Scott Bessent said in a post on X on Thursday (March 12, 2026). -- PTIU.S. grants India-like waiver to other countries to buy Russian oil

Amid rising oil prices, the Trump administration has announced a temporary authorisation to other countries to purchase Russian oil currently stranded at sea, as there were no immediate signs of an early end to the U.S. war on Iran.

The U.S. had granted a similar waiver from sanctions to India to buy Russian oil as part of efforts to cool down oil prices that have been on the rise since the outbreak of war on February 28.

“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” U.S. Treasury Secretary Scott Bessent said in a post on X on Thursday (March 12, 2026). -- PTI

U.S. grants India-like waiver to other countries to buy Russian oil

Published - March 13, 2026 07:54 am IST

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oil and gas - upstream activities / oil and gas - downstream activities / LPG crisis / economy, business and finance / Live news / Israel-US strikes on Iran