ANJALI YADAV/Dehradun
LPG crunch and petrol/diesel price hike concerns haunting the Doonites since the start of the West Asia conflict began to ease after the US President Donald Trump announced a two-week ceasefire, rekindling hope of reopening of the Strait of Hormuz as the international oil shipping route.
Both the LPG suppliers and consumers said that they are now relieved with the volatility stabilising. The suppliers said that people need not fear a supply disruption while the people said that the ceasefire would have a stabilising effect on the price of petrol/ diesel and petroleum products like LPG.
A resident of Dehradun Deepak Rana said that many people had become worried about a sudden increase in prices and possible disruption in supply with the escalation of the West Asia tension. “The sudden attack by the US and closure of important sea routes created panic among residents. People started stocking food items, grains and even LPG cylinders, thinking the situation would be worse than the COVID pandemic. My family was worried, too, apprehending the worst,” he said.
The president of the Uttarakhand Petroleum Association, Ashish Mittal said that the situation is gradually stabilising. “The international crude oil prices have fallen by nearly 20 per cent in recent days which has helped reduce pressure on the domestic fuel market,” he said.
He also said that there is currently enough fuel stock available for around 45 to 60 days, which has further reduced concerns about immediate shortages. According to him, traders who had earlier entered into high-priced purchase agreements due to uncertainty are now relieved with improvements in supply condition.
Ajay Gupta, who runs a Gas agency in the city, said that there was a temporary rise in LPG cylinder bookings as some consumers had placed advance orders out of caution. “The deliveries are continuing normally and there are no major delays being reported,” he added.
Trump’s Iran truce also spurred the Indian stock market, with BSE Sensex and NIFTY 50 closing nearly 4 per cent higher. A Dehradun-based market trader, Navdeep Yadav said that “I am happy seeing my portfolio in green after a month-long bloodbath in the Indian markets. Finally, it feels like the money I invested is giving returns.”
He, however, said in the same breath that the markets are still fragile. “Conflagration may erupt once again; things are still volatile. Resumption of tension will trigger another spell of market downturn,” he said.
