The buying spree follows Washington’s decision to allow Indian firms to purchase Russian oil that had been loaded onto ships before March 5. That resulted in international crude oil prices falling steeply on the Brent Index from a peak of $119 on Monday to around $88. The scramble for crude oil is only one part of a much broader energy shortage unfolding across the country. This includes piped natural gas to homes, compressed natural gas used by buses, taxis and other vehicles, gas used to produce cooking fuel such as LPG, and the fuel required to keep the country’s pipeline network operating. Natural gas supplies are also under pressure, with major supplier Qatar halting production following an Iranian drone strike.

Source: The Telegraph March 11, 2026 05:43 UTC