On 12 March 2026, the price of Brent crude oil surged to approximately $98.84 per barrel, reflecting ongoing volatility in the global oil market. In Delhi, petrol prices remained stable at ₹94.77 per litre, while diesel prices held steady at ₹87.67 per litre. The price of compressed natural gas (CNG) in the capital also remained unchanged at ₹77.09 per kg.

Domestic liquefied petroleum gas (LPG) prices saw a notable increase, rising by ₹60 to reach ₹913.00 per cylinder on 7 March 2026. This rise in LPG prices comes amid a backdrop of geopolitical tensions affecting crude production and exports, particularly due to the ongoing war in the Middle East.

Gold and Silver Prices on 12 March 2026

In the precious metals market, the price of 24-carat gold in India was recorded at ₹1,61,940 per 10 grams, while 22-carat gold was priced at ₹1,48,445 per 10 grams. Silver prices also saw a significant valuation, standing at ₹2,67,510 per kg.

The surge in gold prices has been remarkable, with an increase of more than 75% over the past year alone. Historically, gold has delivered a compounded annual return of 15.6% over the last two decades, making it a favored asset during times of economic uncertainty.

Market Context and Future Outlook

On 11 March, member countries of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from emergency reserves to stabilize the market. Current global inventories of crude and products are assessed at over 8.2 billion barrels, indicating a significant buffer in response to market fluctuations.

As the situation continues to evolve, observers are closely monitoring how these price trends will impact consumer behavior and the broader economy. Details remain unconfirmed regarding potential future adjustments in fuel and gold prices as the geopolitical landscape develops.

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As of March 12, 2026, the fuel prices in Delhi reflect a significant economic landscape influenced by various factors. The price of petrol stands at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. These prices have remained stable for over six months, largely due to government policies and the cost absorption strategies implemented by oil marketing companies (OMCs).

Recent Changes in LPG Pricing

On March 7, 2026, the price of domestic liquefied petroleum gas (LPG) saw an increase of ₹60, bringing the cost to ₹913.00 for a 14.2 kg cylinder. In contrast, the commercial LPG price is now ₹1,884.50 for a 19 kg cylinder. This adjustment in LPG pricing is noteworthy as it directly affects household budgets and the overall cost of living for many residents in the capital.

CNG Prices and Their Implications

Compressed natural gas (CNG), another vital fuel option for many vehicles, is currently priced at ₹77.09 per kg in Delhi. The stability of CNG prices, alongside petrol and diesel, plays a crucial role in the transportation sector, especially for public transport and commercial vehicles that rely heavily on this cleaner fuel alternative.

Gold Prices Amidst Fuel Trends

In addition to fuel prices, the gold market has also been influenced by economic conditions. As of the same date, the price of 24K gold in Delhi is ₹16,237 per gram, while 22K gold is priced at ₹14,885 per gram. The fluctuations in gold prices are often seen as a reflection of economic stability and inflation, which can be indirectly affected by fuel prices.

Air Quality Considerations

The stability of fuel prices, particularly petrol and diesel, is critical not only for economic reasons but also for environmental concerns. High fuel prices can lead to reduced consumption, which may improve air quality in urban areas. However, the recent increase in LPG prices could lead to higher usage of alternative fuels, potentially impacting air quality in different ways.

Current State and Future Outlook

At present, the fuel pricing landscape in India remains a focal point for both consumers and policymakers. The government’s ability to maintain stable prices while addressing inflation and environmental concerns will be crucial in the coming months. The ongoing monitoring of fuel prices and their effects on air quality will be essential for future policy decisions.

The sequence of events surrounding fuel prices and air quality in India is significant for various stakeholders, including consumers, businesses, and the government. Understanding these dynamics is essential for addressing the challenges posed by rising living costs and environmental sustainability.

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The government has prioritized gas supply for household PNG and CNG, which may lead to curtailments for industrial users. Analysts at Nomura estimate that a 20% reduction in gas supply could impact Mahanagar Gas Limited (MGL) and Indraprastha Gas Limited (IGL) by approximately 3% on volumes.

Gujarat Gas Limited, which supplies around 49% of its total volume to industrial and commercial consumers, is expected to face a more significant impact, with estimates suggesting a 10% reduction in volumes due to its higher exposure to these segments.

Mahanagar Gas Limited, on the other hand, distributes about 16% of its total gas to industrial and commercial segments, while Indraprastha Gas Limited allocates around 13% for similar purposes. This prioritization of household needs raises concerns about the future supply for industrial operations.

In Noida, the minimum waiting period for booking a domestic LPG cylinder refill has increased to 25 days, up from 21 days, affecting many households. Noida has around 10 lakh LPG connections, while Ghaziabad has 12 lakh, with a portion of these classified as commercial.

Approximately 8,000 LPG connections in Noida and around 15,000 in Ghaziabad are categorized as commercial, indicating a significant reliance on gas supply for business operations in these areas.

Despite the curtailment for industrial users, the supply of PNG and CNG in the region has continued without interruption. The gas supply network in western Uttar Pradesh is connected to the Hazira-Vijaipur-Jagdishpur pipeline operated by GAIL (India) Limited, ensuring some level of stability in supply.

Authorities have issued directions to mitigate inconvenience for domestic consumers regarding LPG supply, emphasizing the importance of maintaining access for households amid these changes.

As the situation develops, observers will be watching closely to see how these changes will affect the operational capacities of companies like IGL and MGL, as well as the overall gas supply landscape in India.

Details remain unconfirmed regarding the full extent of the impact on industrial users and how long these curtailments may last.

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On March 9, 2026, the Central Government of India took a significant step in regulating the supply of natural gas by issuing the Natural Gas (Supply Regulation) Order, 2026. This order comes in response to the ongoing disruptions in global fuel supply chains, particularly those affecting India’s liquefied petroleum gas (LPG) imports due to the conflict in West Asia.

Context of the Regulation

The conflict in West Asia has severely impacted liquefied natural gas (LNG) shipments through critical routes such as the Strait of Hormuz. Suppliers have been forced to invoke force majeure, leading to a diversion of gas supplies to priority sectors. In light of these challenges, the Indian government has prioritized LPG supply for households to ensure energy security for its citizens amid the ongoing uncertainty in global oil and energy markets.

Details of the Regulation

The Natural Gas (Supply Regulation) Order, 2026, aims to ensure equitable distribution of natural gas. It is issued under the Essential Commodities Act of 1955 and outlines a tiered priority system for gas allocation. Priority Sector I includes domestic piped natural gas (PNG), compressed natural gas (CNG), LPG production, and essential pipeline operational needs, which will receive 100% of their average gas consumption.

Prioritization of Essential Sectors

Following Priority Sector I, Priority Sector II covers fertilizer plants, which will receive 70% of their average gas consumption. Priority Sector III includes tea industries and other industrial consumers connected to the national gas grid, which will receive 80% of their average consumption. Similarly, Priority Sector IV applies to industrial and commercial consumers supplied through City Gas Distribution (CGD) networks, also receiving 80% of their average consumption.

Impact on Non-Priority Sectors

To meet the requirements of these priority sectors, gas supplies may be curtailed from non-priority sectors. Oil refineries have been directed to reduce their gas consumption to approximately 65% of their past six-month average. This measure underscores the government’s commitment to ensuring that essential services and industries receive the necessary gas supplies during this critical period.

Management and Oversight

Under the new regulation, GAIL has been tasked with managing the diversion and redistribution of natural gas. All entities involved in natural gas production, imports, stocks, allocation, and consumption are required to furnish detailed information to the Petroleum Planning and Analysis Cell. This oversight aims to create a more structured and efficient gas supply chain amidst the ongoing crisis.

Conclusion and Significance

The issuance of the Natural Gas (Supply Regulation) Order, 2026, reflects the Indian government’s proactive approach to managing energy resources during a time of international instability. By prioritizing essential sectors and ensuring equitable distribution, the government aims to safeguard the energy needs of its citizens and maintain stability in the domestic market. As the situation evolves, the effectiveness of these measures will be closely monitored, and further adjustments may be necessary to adapt to changing circumstances.

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