Hyderabad: Hyderabad is witnessing a huge jump in domestic LPG cylinder bookings due to panic buying by consumers.
According to a report in TOI, the bookings per day increased from 70 thousand to 2.5–3 lakh.
Hyderabad saw 12 lakh domestic LPG cylinder bookings in 5 days
The report, quoting data from distributors, stated that over 12 lakh cylinders were booked between March 9 and 14.
Usually, 22–25 lakh cylinders are booked in the city in a month. The city has around 33 lakh LPG connections, the report added.
The surge in domestic LPG cylinder bookings in Hyderabad is due to panic caused by the war in West Asia, which started after the United States and Israel launched joint air and missile strikes on Iran, targeting military and infrastructure sites in cities including Tehran.
Oil prices climb nearly 4 pc
Meanwhile, global oil prices rose on Monday, March 16, after the United States launched strikes on military assets on Kharg Island over the weekend, escalating tensions in the Persian Gulf as the conflict entered its third week.
At around 9:45 am, crude oil futures, specifically the US benchmark West Texas Intermediate (WTI), surged by 3.77 per cent to USD 102.44, while Brent crude, the international benchmark, traded at USD 104.79, up 1.59 per cent from the previous close.
The surge in oil prices followed retaliatory attacks by Iran on Israel and several Arab states after US strikes targeted military facilities on Kharg Island, which handles the bulk of Iran’s crude shipments.
US President Donald Trump warned that Iran’s energy infrastructure on the island, responsible for roughly 90 per cent of the country’s oil exports, could face further attacks if Tehran disrupts shipping through the Strait of Hormuz.
In view of the escalating war in West Asia, domestic LPG cylinder bookings are witnessing a surge in Hyderabad despite sufficient supply.
