Adani Total Gas raises prices, citing Middle East conflict

Adani Total Gas (ATGL) has sharply raised prices for supplies to industrial clients citing lower availability of gas due to conflict in the Middle East, according ‌to a ⁠customer ⁠notice seen by Reuters.

The company is a joint venture of Adani Group and French oil major TotalEnergies SE.

As a result of the attacks on Iran and Tehran's retaliatory strikes, transit through the Strait of Hormuz ⁠between Iran ‌and Oman, which carries around one-fifth of oil consumed globally as well as ⁠large quantities of liquefied natural gas, has ground to a near-halt after some vessels in the area were hit.


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"Due to recent geo-political developments impacting LNG supply routes, ATGL has received upstream gas curtailment, leading to operational constraints," the ‌company said.

It raised prices from Tuesday on gas consumed over and above the 40% daily ⁠contract quantity to 119 Indian rupees ($1.30) per standard cubic meter, the notice said.

Earlier prices were around 40 rupees per standard cubic meter, a source said.

Adani Total Gas did not immediately respond to a Reuters request for comment.