India's Adani Total Gas raises prices, citing Middle East conflict

India's Adani Total Gas (ATGL), citing a lower Availability of Gas due to the Middle East conflict, has raised prices on industrial clients.

Adani Group is a joint-venture with?French oil giant TotalEnergies SE. The?attacks against Iran and Tehran's response strikes have caused transit through the Strait of Hormuz, which transports around a fifth of global oil consumption as well?as huge quantities of liquefied gas, to come to a grinding halt. The company stated that due to recent geopolitical developments affecting LNG supply routes, the ATGL has received an upstream gas curtailment. This has led to operational restrictions.

The notice stated that prices for gas consumption?above?and beyond the 40% daily contracted quantity would be raised to 119 Indian Rupees ($1.30).

A source told me that the price of a standard cubic meter was around 40 rupees earlier.

Adani Total Gas did not immediately respond to an inquiry for comment.

(source: Reuters)