Iran strikes push Indian crude basket to $146 per barrel:Petrol, LPG prices may rise in India amid gas supply concerns

Global oil and gas prices surged on March 19 after Iran launched fresh attacks on energy facilities in Gulf countries. A major Liquefied Natural Gas (LNG) plant in Qatar has been shut, raising fears of supply disruption. Gas prices in Europe jumped by up to 30%. Oil prices spike sharply Crude oil prices rose over 6%, crossing $114 per barrel. Before the conflict, Brent crude was below $73.
India’s crude basket has surged to around $146 per barrel, a major increase. Crude oil is traded globally using three main benchmarks:
Indian basket India imports oil from multiple countries like Iraq, Saudi Arabia, Russia, and the UAE. The average price of these imports is called the Indian basket. Gas prices jump in Europe Gas prices in Europe rose sharply after the attack on Qatar. Impact on India India depends heavily on imports—about 85% of its crude oil and over 50% of gas comes from abroad. This makes it vulnerable to global disruptions. 1. Fuel and LPG may become expensive 2. Food and daily items may get costlier Crude oil is used not just as fuel but also in: Higher diesel prices will increase transportation costs, making food and essential goods more expensive. Why prices are rising 1. Qatar’s Ras Laffan LNG plant shut Iran’s drone attacks damaged the Ras Laffan facility in Qatar, the world’s largest LNG hub. It supplies about 20% of global LNG, and its shutdown has disrupted supply. 2. Strait of Hormuz under threat The Strait of Hormuz, a key oil route, is now unsafe due to the conflict. With tankers avoiding the area, supply concerns have intensified.