‘Most expensive’: Iran war, Hormuz closure forces India to pay high prices for LNG
Geopolitical tensions in the Strait of Hormuz and damage to Qatari infrastructure have forced India to pay record-high prices for LNG. Indian energy companies are diversifying their import sources to mitigate supply vulnerabilities.
Why it matters
Rising energy costs in India reflect the broader global economic impact of Middle Eastern conflicts on energy security.
Middle East war impact: The ongoing marine traffic disruptions in the Strait of Hormuz due to the US-Iran conflict are forcing India’s energy majors to purchase liquified natural gas or LNG at some of the highest prices seen in recent years.Gail India Ltd., the state-run gas company, recently paid more than 23 per million British thermal units for a cargo scheduled for delivery in September, according to people familiar with the matter who spoke to Bloomberg.
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