Inflationary pressures are likely to put a dent in Indian consumers’ wallets once more. Cooking gas prices may soon add to the anguish of Indian households, which are already suffering from high petrol and diesel prices. Due to the current global gas shortage, cooked meals may become more expensive starting in April.
The impact of the worldwide gas shortage will soon be felt in India, with domestic gas prices potentially doubling since April.
Global gas crunch
Prices of CNG, PNG, and electricity are projected to rise as a result of the global financial crisis. This will also lead to an increase in the cost of transportation and operating expenses for businesses. A rise in the government’s Fertilizer Subsidy Bill is also possible. All of these elements may have a direct impact on consumers.
Supply unable to meet demand
Through its transcontinental pipelines, Russia is the largest gas provider in Europe. The Ukraine crisis may cause supply disruptions. While the global economy is gradually recovering from the consequences of the Covid-19 pandemic, rising global energy demands may destabilise growth.
Impact on household items
The rising tensions in Ukraine have heightened worries of war, which might have a variety of consequences, including increased gas prices. When the costs of cooking gas are revised in April, this effect may become apparent. According to analysts, the price might rise from $2.9 per MMBtu to $6-7 per MMBtu, according to the report.