This development is significant as India is the second largest importer of LPG in the world. Many restaurants across the country have run out of gas supplies or switched to simpler menu items that require little or no cooking gas.
For induction cooktop players, this means more sales. Tata Group’s Croma said it has seen a three-fold increase in demand for induction cooktops in the last few days, Economic Times reported earlier. In addition, Stovecraft said its average weekly online sales have quadrupled.
“At Croma, we have seen a sharp and immediate increase in demand for induction cooktops over the past few days. Our average daily run rate has increased significantly,” said Infiniti Retail Ltd (Croma) CEO and MD Shabashish Roy.
This is while India is facing severe shortage of LPG. The fierce war between Iran and the United States has led to the long-term closure of the Strait of Hormuz, one of the world’s most important energy supply routes. The route is currently witnessing severe obstructions to tanker traffic as Iran targets ships trying to pass through the corridor. The situation has forced several international suppliers to issue force majeure notices on gas shipments.
Despite assurances from US President Donald Trump, the strait remains effectively closed to traffic. Iran’s Islamic Revolutionary Guard Corps has threatened to stop oil shipments to the Gulf if the US and Israeli attacks do not stop.
Gas crisis in India
Gas prices in India have risen as a result of supply constraints due to the closure of the Strait of Hormuz. The price of domestic cooking gas has now increased by Rs 60 per cylinder, while the price of commercial LPG has increased by Rs 114.5.
Supply shortages have been reported in several cities, including Mumbai and Bangalore, with restaurants in some areas warning of possible shutdowns due to insufficient fuel availability.
In addition, the Indian Railway Catering and Tourism Corporation (IRCTC) has issued a directive to all its licensees to adopt alternative cooking methods such as microwave ovens and electric induction systems in train catering centres.
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