LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days

Follow The Hindu Live updates on LPG crisis and oil prices. U.S granted India-like waiver to other countries to buy Russian oil.

Union Minister Hardeep Singh Puri on Thursday (March 12, 2026), said in the Parliament that the crude oil supply position is cured. “Before the crisis, approximately 45% of India’s crude imports transited through the Hormuz route. Thanks to the honourable Prime Minister’s outstanding diplomatic outreach and goodwill, India has secured good volume that exceeds what the disrupted Strait of Hormuz could’ve delivered in the same period. Non-Hormuz sourcing has risen to approximately 70% of crude imports. India sources crude from 40 countries as against 27 in 2006 and 2007,” Mr. Puri said.

Several opposition MPs, including Rahul Gandhi and Priyanka Gandhi Vadra, staged a protest on Thursday (March 12, 2026) in the Parliament House complex over the shortage of commercial LPG cylinders to demand answers from the government over it.

Congress leader Rahul Gandhi on Thursday (March 12, 2026) attacked Prime Minister Narendra Modi amid concerns over reported LPG shortage, saying the PM is asking the people not to panic but is himself panicked for “completely different reasons”.

Oil prices remained close to the closely watched $100 per barrel level, although they eased a bit in early trading on Friday (March 13, 2026) after U.S. issued a 30-day license ‌for countries to buy Russian oil and petroleum products currently stranded at sea.