Crisil Intelligence’s Director Sehul Bhatt says Middle East tensions pose a bigger risk to gas than oil as India has lower gas inventories and relies heavily on imports. With about 50% of gas imported—around 40% from Qatar—any disruption can tighten supply. Spot LNG prices have already surged to nearly 1.9–2 times pre-conflict levels, hurting industrial and commercial consumers the most. Bhatt adds industries may switch to alternate fuels like fuel oil or LPG if gas prices remain elevated.
