The development is significant as India is the world’s second-largest LPG importer. Several restaurants across the country have run out of gas supplies or switched to simpler menu items that require little to no cooking gas.
For induction cooktop players, this means more sales. Tata Group’s Croma said it has observed a threefold jump in demand for induction cooktops over the past few days, the Economic Times reported earlier. Further, Stove Kraft said that its average weekly online sales have jumped four times.
“At Croma, we have observed a sharp and immediate uptick in demand for induction cooktops over the past few days. Our average daily run rate has surged significantly,” Infiniti Retail Ltd (Croma) CEO & MD Shibashish Roy said.
This comes as India faces a severe LPG shortage. The raging war between Iran and the US has led to the prolonged closure of the Strait of Hormuz, which is one of the world’s most critical energy supply chokepoints. The route is currently witnessing severe disruptions to tanker traffic as Iran continues to target vessels attempting to pass through the corridor. The situation has forced several global suppliers to issue force majeure notices on gas shipments.
Despite assurances from US President Donald Trump, the strait effectively remains closed for traffic. Iran’s Islamic Revolutionary Guard Corps has threatened to block oil shipments from the Gulf unless US and Israeli attacks stop.
Gas crisis in India
As a result of supply constraints arising from the closure of the Strait of Hormuz, gas prices have surged in India. Domestic cooking gas now costs Rs 60 more per cylinder, while commercial LPG price rose by Rs 114.5.
Supply shortages have been reported in several cities, including Mumbai and Bengaluru, with restaurants in some areas warning of potential closures due to insufficient fuel availability.
Further, the Indian Railway Catering and Tourism Corporation (IRCTC) issued a directive to all its licensees to adopt alternate cooking methods such as microwave ovens and electric induction systems at railway food centres.
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