Adani Triples Gas Price for Large Users as War Disrupts Supply
(Bloomberg) -- Adani Total Gas Ltd. tripled the prices of gas supplied to industrial consumers beyond 40% of their daily allocation, as the war in the Middle East squeezes fuel availability.
The company, which provides natural gas to homes, industries and vehicles, raised the price of gas for large users above the threshold to nearly 120 rupees per standard cubic meter, up from 40 rupees, an official said, asking not to be named ahead of a public disclosure.
The price revision came into effect at 6am in India on Wednesday, Reuters reported earlier.
An Adani Total spokesperson didn’t immediately reply to a request for comment.
Indian gas consumers are grappling with constrained access after the biggest supplier Qatar halted operations at its Ras Laffan plant, the world’s largest LNG export facility, which was targeted by an Iranian drone strike. India meets half of its gas demand through imports and half of those come from Qatar.
Bulk consumers, such as industries and commercial units, account for 30% of Adani Total’s demand, which is entirely met through imports, the official said.
Gas suppliers including Petronet LNG Ltd. and Gujarat Gas Ltd. have invoked force majeure to restrict deliveries to their customers, citing shipment disruptions.
Adani Total, a joint venture between Adani Group and TotalEnergies SE, supplies gas to consumers in 53 geographical areas — some through its partnership with Indian Oil Corp. — covering 14% of India’s population, according to a company presentation.
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