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The Star
10-05-2025
- Business
- The Star
Border strife triggers food hoarding, cancelled trips in India
NEW DELHI: Many Indians, especially those living in areas closer to the Pakistan border, have started hoarding groceries, medicines, gasoline and canceLling travel plans, amid a rapid escalation in military conflict between the two nuclear-armed nations. Citizens across towns in Punjab in India, such as Pathankot, Amritsar and Chandigarh, are seeing such panic buying. Gagandeep Madan, a 42-year-old who owns a 'kirana' shop - a mom-and-pop store - about 9 miles short of the Attari-Wagah border near Amritsar in Punjab, said almost all shops in the area, including his, had run out of food essentials on Wednesday (May 7). "Customers came and bought about one month's worth of wheat, rice, sugar and pulses,' Madan said. "Panic set in among everyone here. Everyone wanted to be prepared.' India said it "neutralised' Pakistani drone and missile attacks targeting several military sites on Thursday night, marking a second day of hostilities between the neighbours. India began the military strikes on Wednesday on what it called terrorist targets in Pakistan in retaliation for an April 22 attack that killed 26 civilians in the India-controlled part of Kashmir region. With both nations saying they have shot down drones and missiles from the other in the past few days, local media reports say tourist hotspots are seeing dwindling footfalls. India has shut down more than two dozen airports in northern and western parts of the country. Some residents in Amritsar, which saw a blackout last night, stored water in large containers fearing power outages would mean they can't use their electric pumps to draw ground water. In Pathankot, Ashish Kumar has been seeing a run on food products and snacks at his tiny kirana for the past few days. The local administration of Chandigarh, the capital of the northern states of Punjab and Haryana, said in a post on X on Friday that individuals and businesses were prohibited from hoarding essential commodities, medicines and fuel. State refiner Indian Oil Corp. also sought to allay fears by saying it has ample stock of fuels and discouraged stockpiling. "Our supply lines are running smoothly,' it said in an X post. "There is no need for panic buying - fuel and LPG is readily available at all our outlets. Help us serve you better by staying calm and avoiding unnecessary rush.' The Indian Premier League, or IPL, the world's most lucrative cricket tournament which was set to conclude on May 25, has now been suspended for at least a week. The new schedule will be announced after assessing the situation, the sport's governing body in India said in a statement Friday. An IPL match going on in the Himalayan city of Dharamshala on Thursday night was discontinued after reports of drone attacks in nearby cities. A hotel in the nearby hill station of Dalhousie had to provide accommodation and transport to about 100 stranded guests who were visiting for the cricket matches, its 29-year-old owner Siddharth Bakaria told Bloomberg News. His chain is expecting a drop in visitors to northern parts of the country. Pakistan has also moved the remaining matches of its Pakistan Super League to the UAE for security reasons, Pakistan Cricket Board said in a statement. The ongoing strife has also led to multiple events being postponed across Pakistan. The EU Pakistan Business Forum in Islamabad, an investment summit in Lahore and Australia Day in Karachi, all have been cancelled or delayed. Karachi's streets were quiet with a drop in road traffic. One upscale Chinese restaurant hardly had any customers on Thursday night with the only television switched to a news channel. Although Pakistan is not seeing a similar panic buying, sales of torch lights and batteries sales have gone went up in the last couple of days, according to Jarrar Shah, founder of 24SEVEN that helps kirana stores go digital. Instagram users in India have started making and circulating videos online, advising the medicines that citizens should stock in case things worsen and instructing how to turn on government alerts on mobile phones in case of emergencies. Some are giving financial advice, which includes keeping cash that could last a few days and spreading funds across different banks to be safe. "Right now, travellers should reconsider non-essential travel to certain domestic regions like Kashmir, parts of Jammu, Leh, and Amritsar,' Karan Agarwal, director at travel agency Cox & Kings said in a statement. "These areas are often the first to experience disruptions, both operational and security-related, when tensions escalate.' Interglobe Aviation Ltd., which operates as IndiGo, has canceled its flights to affected cities of Srinagar, Jammu, Amritsar, Leh, Chandigarh, Dharamshala, Bikaner, Jodhpur, Kishangarh and Rajkot, it said in an advisory Friday. IndiGo's shares declined for the fourth straight trading session in Mumbai, losing almost 8% since Monday's close. Shares of Indian Hotels Co. - that operates the Taj brand of five-star hotels - have slipped a little over 10% over this period. Schools in Punjab are shut for the coming three days, the Education minister of Punjab said in an X post on Thursday. Meenakshi Chauhan, a 38-year-old Amritsar-based is a mother of two, who has already begun planning her evening routine around the city's blackout timings. "As everyone says, hope for the best but prepare for the worst,' Chauhan said. - Bloomberg
Straits Times
10-05-2025
- Business
- Straits Times
Border strife triggers food hoarding, cancelled trips in India
Some people have started stockpiling food and cancelled travel plans amid a rapid escalation in military conflict between India and Pakistan. PHOTO: REUTERS NEW DELHI – Many Indians, especially those living in areas closer to the Pakistan border, have started hoarding groceries, medicines, petrol and cancelling travel plans, amid a rapid escalation in military conflict between the two nuclear-armed nations. Citizens across towns in Punjab in India, such as Pathankot, Amritsar and Chandigarh, are seeing such panic buying. Mr Gagandeep Madan, a 42-year-old who owns a 'kirana' shop – a mom-and-pop store – about 14km short of the Attari-Wagah border near Amritsar in Punjab, said almost all shops in the area, including his, had run out of food essentials on May 7. 'Customers came and bought about one month's worth of wheat, rice, sugar and pulses,' Mr Madan said. 'Panic set in among everyone here. Everyone wanted to be prepared.' India said it 'neutralised' Pakistani drone and missile attacks targeting several military sites on the night of May 8, marking a second day of hostilities between the neighbours. India began the military strikes on May 7 on what it called terrorist targets in Pakistan in retaliation for an April 22 attack that killed 26 civilians in the India-controlled part of Kashmir region. With both nations saying they have shot down drones and missiles from the other in the past few days, local media reports say tourist hotspots are seeing dwindling footfalls. India has shut down more than two dozen airports in northern and western parts of the country. Some residents in Amritsar stored water in large containers, fearing power outages would mean they can't use their electric pumps to draw ground water. In Pathankot, Mr Ashish Kumar has been seeing a run on food products and snacks at his tiny kirana for the past few days. The local administration of Chandigarh, the capital of the northern states of Punjab and Haryana, said in a post on X on May 9 that individuals and businesses were prohibited from hoarding essential commodities, medicines and fuel. State refiner Indian Oil Corp also sought to allay fears by saying it has ample stock of fuels and discouraged stockpiling. 'Our supply lines are running smoothly,' it said in an X post. 'There is no need for panic buying – fuel and LPG is readily available at all our outlets. Help us serve you better by staying calm and avoiding unnecessary rush.' Games disrupted The Indian Premier League, or IPL, the world's most lucrative cricket tournament which was set to conclude on May 25, has now been suspended for at least a week. The new schedule will be announced after assessing the situation, the sport's governing body in India said in a statement on May 9. An IPL match going on in the Himalayan city of Dharamshala on the night of May 8 was discontinued after reports of drone attacks in nearby cities. A hotel in the nearby hill station of Dalhousie had to provide accommodation and transport to about 100 stranded guests who were visiting for the cricket matches, its 29-year-old owner Siddharth Bakaria told Bloomberg News. His chain is expecting a drop in visitors to northern parts of the country. Pakistan has also moved the remaining matches of its Pakistan Super League to the UAE for security reasons, Pakistan Cricket Board said in a statement. The ongoing strife has also led to multiple events being postponed across Pakistan. The EU Pakistan Business Forum in Islamabad, an investment summit in Lahore and Australia Day in Karachi, all have been cancelled or delayed. Karachi's streets were quiet with a drop in road traffic. One upscale Chinese restaurant hardly had any customers on the night of May 8, with the only television switched to a news channel. Although Pakistan is not seeing a similar panic buying, sales of torchlights and batteries sales have gone up in the last couple of days, according to Mr Jarrar Shah, founder of 24SEVEN that helps kirana stores go digital. Instagram advice Instagram users in India have started making and circulating videos online, advising the medicines that citizens should stock in case things worsen and instructing how to turn on government alerts on mobile phones in case of emergencies. Some are giving financial advice, which includes keeping cash that could last a few days and spreading funds across different banks to be safe. 'Right now, travellers should reconsider non-essential travel to certain domestic regions like Kashmir, parts of Jammu, Leh, and Amritsar,' Mr Karan Agarwal, director at travel agency Cox & Kings said in a statement. 'These areas are often the first to experience disruptions, both operational and security-related, when tensions escalate.' Interglobe Aviation Ltd, which operates as IndiGo, has cancelled its flights to affected cities of Srinagar, Jammu, Amritsar, Leh, Chandigarh, Dharamshala, Bikaner, Jodhpur, Kishangarh and Rajkot, it said in an advisory on May 9. IndiGo's shares declined for the fourth straight trading session in Mumbai, losing almost 8 per cent since May 5's close. Shares of Indian Hotels Co. – that operates the Taj brand of five-star hotels – have slipped a little over 10 per cent over this period. Schools in Punjab are shut for the coming three days, the Education minister of Punjab said in an X post on May 8. Ms Meenakshi Chauhan, a 38-year-old Amritsar-based is a mother of two, who has already begun planning her evening routine around the city's blackout timings. 'As everyone says, hope for the best but prepare for the worst,' Ms Chauhan said. 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Business Times
05-05-2025
- Business
- Business Times
China resumes spot LNG purchases to take advantage of price drop
[SINGAPORE] Chinese firms are purchasing liquefied natural gas (LNG) shipments from the spot market, a reversal of months of relative inactivity from the world's top buyer, after prices slumped to the lowest level in about a year. At least two shipments were procured last week at the US$10 per million British thermal units level, according to traders with knowledge of the matter. More buying may materialise this week if prices remain in this range, the traders added. The move is a u-turn for Chinese LNG buyers, which had reduced imports and resold shipments because expensive gas was not attractive to a weaker domestic market. China was the biggest LNG importer in 2024, but deliveries have slumped about 24 per cent from January to April compared to the same period last year. Consistent purchases by China and others may help slow the recent decline in Asian and European gas prices. Spot benchmarks in both regions have fallen amid fears that the global trade war could result in an economic slowdown. 'Prices at the moment are weak,' FGE chairman Emeritus Fereidun Fesharaki said. 'By the end of this year, prices could go 50 to 60 per cent higher than they are today.' Price sensitive Indian companies have upped procurement, traders added. Indian Oil Corp bought a cargo late last week for June delivery, and Gail is now seeking a shipment in a tender that closes this week, the traders said. BLOOMBERG
Reuters
30-04-2025
- Business
- Reuters
Indian Oil's fourth-quarter profit jumps on inventory gains
April 30 (Reuters) - Indian Oil Corp ( opens new tab, the country's top refiner, reported a 50% jump in fourth-quarter profit on Wednesday, mostly helped by inventory gains, with the company looking to tap spot markets for more crude purchases. Standalone net profit surged to 72.65 billion Indian rupees ($858.57 million), compared with a profit of 48.38 billion rupees a year earlier. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The company recorded an inventory gain in the fourth quarter that helped in increased profits, compared with an inventory loss a year earlier, Director Finance Anuj Jain said at a press conference, without elaborating. An inventory gain is booked when oil prices rise when the company is refining and shipping petroleum products. Brent crude prices jumped about 17% from a multi-year low in September during the January-March quarter. IOC's average gross refining margin, the profit from making refined products from one barrel of oil, was $7.85 per barrel for the quarter ended March 31, compared with $8.39 per barrel a year earlier. The company is looking to tap spot markets for more crude oil, targeting a term-to-spot ratio of 55:45 compared with 60:40 last year, Jain said. "We are looking to buy more oil from spot markets as there is abundant supply and more spot volumes will give me flexibility to test new grades." Meanwhile, IOC is looking to invest up to one trillion rupees to expand the company's petrochemical capacity, Chairman A. S. Sahney said. Indian Oil, along with its unit Chennai Petroleum ( opens new tab, controls about a third of India's refining capacity.
Business Recorder
30-04-2025
- Business
- Business Recorder
Indian Oil signs five-year LNG deal with Trafigura, chairman says
NEW DELHI: Indian Oil Corp has signed a five-year import deal with trader Trafigura to buy 2.5 million metric tons of liquefied natural gas (LNG) in a $1.3–$1.4 billion deal, Chairman A S Sahney said on Wednesday. Supplies under the deal would begin from the second half of this year, he said, adding that the price of the LNG is linked to the U.S. Henry Hub benchmark. Trafigura will supply 2.5 million tonnes of LNG, equivalent to about 27 cargoes under the deal, he said. Earlier in the day, Reuters had reported, citing sources, that Trafigura will supply three to four LNG cargoes this year and six cargoes annually from next year. India is looking to raise its imports of U.S. energy to fix its trade balance with the world's top economy, and traders are looking to reroute some of the LNG meant for China into India, one of the sources said. India is the world's fourth-largest LNG importer, shipping in 26.58 million metric tons of the fuel last year, according to Kpler data. Asia's LNG demand stays muted in April while Europe eases: Russell The U.S. is India's second-biggest supplier, but the two sides are looking to ramp up volumes for India's energy-hungry economy, one of the fastest growing in the world. Reuters reported in March that India is considering a proposal to scrap import taxes on U.S. LNG to boost purchases and cut its trade surplus with Washington. LNG importer GAIL India had also recently issued a tender seeking a stake in an LNG project in the U.S., along with a 15-year import deal.
