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New Delhi: The government has increased the minimum waiting period for booking a domestic LPG cylinder refill from 21 days to 25 days to prevent hoarding, as there were signs of panic buying taking place in the market amid the uncertainties after the United States and Israel attacked Iran, plunging the Middle East and global oil market into turmoil.

Officials said that there is a sufficient supply of LPG available in the country, and the booking time for LPG cylinders has been increased as a measure to manage inventory effectively.

The step has been taken as there was a surge in demand of 15 to 20 per cent due to panic booking, due to fears that supply would be disrupted because of the escalating war in the Middle East.

Average households consume 7-8 LPG cylinders of 14.2 kg in a year and should normally not need a refill in less than 6 weeks, an official pointed out.

A senior official said that petrol and diesel prices will not be increased for now despite international crude oil rates crossing USD 100 per barrel. Oil marketing companies– Indian Oil, Bharat Petroleum and Hindustan Petroleum– are expected to absorb the current cost pressure for the time being.

He said the government is closely monitoring global oil markets, but there is no immediate plan to raise retail fuel prices.

Meanwhile, the Parliament was informed on Monday that India currently has a total capacity for storage of crude oil and petroleum products for 74 days, which can help to tide over disruptions in case of adverse situations such as geopolitical conflicts.

“The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to provide for about 9.5 days of crude oil requirement. In addition, Oil Marketing Companies in the country have storage facilities for crude oil and petroleum products for 64.5 days. Hence, the current total national capacity for storage of crude oil and petroleum products is 74 days,” Minister of State for Petroleum and Natural Gas Suresh Gopi told the Rajya Sabha in a written reply.

Ongoing Middle East tension

On February 28, the United States and Israel launched joint air and missile strikes on Iran, targeting military and infrastructure sites in cities including Tehran. It’s 89-year-old Supreme Leader, Ali Khamenei, who, along with his wife and other family members, was killed.

US President Donald Trump said the attack was necessary to stop Iran’s growing nuclear capability and “bring peace” to the world.

Iran responded with full force, targeting US defence bases in neighbouring UAE, Bahrain, Qatar, Kuwait, Oman, Cyprus, Azerbaijan and allegedly Turkey, expanding the conflict.

On Monday, Iran’s Health Ministry reported a death toll of 1,255 civilians and 12,000 injured.

The Strait of Hormuz, which is under Iran’s control, has been unofficially closed, although it denies it. The water passageway is one of the world’s most critical energy chokepoints, handling over 20 per cent of global oil supplies.

With no ship movements and crude exports disrupted along the strait, oil prices have shot up. On March 9, the conflict entered its tenth day, with rates soaring USD 120 per barrel.

India has also been hit considerably. On March 8, LPG prices were hiked by Rs 60 per cylinder in Hyderabad and other cities.

(With IANS inputs)