Fractured/Earth

Back in the days of the CAA/NRC protests — and again during Covid-19 — it had seemed like a good idea to keep a daily record of events. History was moving fast, much needed to be remembered but with events being firehosed at us, there was a real danger that the specifics would be forgotten. The energy shock is one more such moment. And so, here is a chronology I am now putting together.

28 Feb: US and Israel attack Iran; Ayatollah Khomeini killed.

1 March: Iran counter-attacks, with missiles hitting both Israel and US bases in Gulf.

2 March: Israel attacks Lebanon. 

3 March: Iran starts attacking oil infrastructure in the Gulf. Production stopped by Qatar Petroleum; Riyadh’s Ras Tanura refinery; Iraq; and Bahrain. Ship movement through Hormuz stopped as well. Oil touches $85/barrel. Natural Gas prices almost double in Asia and Europe.

5 March: Storage tanks start filling up in the Gulf. In India, Petronet LNG declared Force Majeure on gas supplies. Adani Total hiked industrial gas charges. 

6 March: Force majeure announcements from aluminium smelters in gulf. In India, MRPL began shutting down parts of its refinery. GAIL began warning customers about supply trouble. Gujarat Gas began cutting gas supply to industrial customers. 

7 March: Oil depots bombed in Teheran. Both gulf countries like UAE and FIIs like Blackrock cap withdrawals as panic rises. India resumes oil purchases from Russia. Costlier this time, though. 

8 March: India hikes cost of commercial LPG (By Rs 115) and domestic LPG (Rs 60). It also told refineries to crank out as much LPG as possible — and hiked the LPG booking gap from 21 days to 25 days. In the meantime, firewood prices surge to Rs 8,000 per ton in Tamil Nadu. Imagine the incentives for illegal loggers.

9 March: Brent touches $117/barrel before coming down to $107. US tries to bring Gulf allies into war. No interest. The Indian government halts commercial LPG supplies, directing all LPG only to domestic users. First outcry from eateries which say they will have to close. Indian stock market feel the heat. 

10 March: G7 and IEA agree, in principle, to tap strategic petroleum reserves. Brent fell to $98/barrel. Sumitomo & Formosa Taiwan, two of the largest polymer and solvent manufacturers, announce force majeure on deliveries and halt plant operations. Putin halts Gas supplies to Europe. In India, black market cylinder rate touches Rs 3,500-4,000. As people turn to firewood, deforestation is a real worry. And yet, in a criminal decision, Forest Survey of India stops its AI-based fortnightly forecasts to states on deforestation. 

11 March: Trump hints war is nearing end. Europe and Asia compete for LNG supplies. Oil swings wildly, from $119 to $84, first rising on news that UAE and Saudi had cut oil production; and then dropping on news of emergency oil release by G7. Iran starts laying mines in Hormuz. HSBC closes all branches in Qatar.  In India, people queue to fill up petrol in Chennai. Some of this is just panic. India has a very well-diversified basket for crude oil. The problem lies in LNG, LPG, Urea, intermediates from crude, etc. Long queues for Gas in Deoria, Gorakhpur, Basti and elsewhere in UP. Spike in induction stove sales. Urea plants close in India and Bangladesh. 

12 March: IEA starts releasing oil from strategic reserves. 400 million barrels in the first tranche. Oil, in the meantime, neared $92.30. Outlook for LPG and LNG remains dire. Trump announces Reliance will build $300 billion refinery in Texas. By this time, in India, the cost of halting gas to commercial establishments have spread beyond eateries. Ceramic units in Morbi start closing. “The transport industry attached also impacted. From 8,000 trips of trucks ferrying goods, the number dropped to 200 yesterday,” tweets Vibes of India. Protests in NOIDA over LPG shortage. India’s oil minister says government is resuming LPG allocation to restaurants and eateries. “20% of the average monthly Commercial LPG requirement will be allocated from today to restaurants and eateries by OMCs, in coordination with the State Governments so that there is no hoarding or black marketing.” India continues to export refined petroleum products — the government cites tax and logistics hurdles. Eateries continue to struggle. India asks China to sell it some Urea. 

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13 March: US allows countries to buy Russian oil. Oil windfall gives Russia $150 million a day, says FT. Worries grow over Urea and Sulphur availability. In Bangalore, India, the price of kerosene jumps from Rs 63/litre to Rs 110. Kitchen operations stop in Ambala’s Maharishi Markandeshwar University. With no gas available for refuelling, the university shut down entirely on this day. Only medical students are allowed to remain on campus.

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14 March: Europe and Canada push back against USA allowing Russian oil purchases. Brent, despite oil releases, rises to $101/barrel. Prices of jet fuel, naphtha, diesel, LPG, LNG, etc, soar as well. US/Israel attacks continue. Iran’s counterattacks continue. Dubai financial district hit by drone. Iran offers to open Hormuz to ships paying in Yuan. In India, a woman says she has been queuing for a week for an LPG cylinder — and that the price of a cylinder has touched Rs 7,000. And asks: “Should we work or stand in queues for LPG?”. Elsewhere in the country, 24×7 security at LPG godowns. Ration shops sell kerosene. Hostels in Hyderabad switch to firewood. Tamil Nadu announces a Rs 2 per unit incentive for eateries that switch to electric stoves.

15 March: Trump calls on countries to help the US open Hormuz. In India, industrial units in Gujarat start closing (or reducing production) as gas supply shrinks. Pharma manufacturers are affected as well. “Around 200 manufacturers might halt production within the next 7-10 days,” the former head of an industry body called Pharmexcil tells ET. Rumours that Hindalco has halted Aluminium Extrusion and NFP plants in Bhatinda and Nangal have stopped by denied by both companies.

16 March: Brent at $101. Pakistan’s LNG stocks might run out in a month. In Delhi, four Atal canteens close citing lack of LPG. JNU hostel menus shrink. Raids on black-marketers of LPG. Steel Industry says its production is being hurt due to propane and LPG shortage. The government makes Aadhaar authentication mandatory for anyone booking a gas cylinder. Propylene shortages result in Andhra Petrochemicals closing its plant at Vizag. In Delhi, the price of firewood climbs from Rs 20/kilo to Rs 30-40/kilo. Coal rises from Rs 40/kilo to Rs 60/kilo. Even with Russian Oil imports, says Business Standard, India will face a shortfall of 750,000 barrels a day. Illegal refilling of gas cylinders picks up — one person is arrested in Delhi. In Surat, a cylinder bursts in such a makeshift enterprise, killing two and wounding 9.

17 March: Allies reject Trump’s call for warships. Trump threatens NATO. In Karnataka, a meal programme for schoolkids has run out of cylinders. Across India, restaurant staff are facing salary cuts and layoffs. China has curbed fertiliser exports.  This energy shock comes, also, at a time when precarity is rising in India — as evidenced by high defaults in the microfinance sector. Oilcos stop supplying petrol/diesel to pumps on credit. They now want advance payments. This is one way to suppress demand.

18 March: US counter-terror chief quits over Iran war. Israel kills Iran’s security chief, Ali Larijani. The US and Iran hit Iran’s natural gas fields. Iran vows retaliation. Brent now at $109. In India, despite the government announcement on 12 March, commercial cylinders are still unavailable. Eateries using firewood. In Delhi, blackmarket cylinders selling for Rs 5,500. Farm produce prices also start dropping — in part due to stalled exports to the Gulf, and partly because eateries are buying less. Nearly 450 of the 670 ceramic units in Morbi, Gujarat, have stopped working. In Thiruvanthapuram, hotels are slashing menus. Elsewhere in the country, larger units have begun experimenting with alternative fuels. In response, the government says it will boost commercial LPG by another 10%. It also pushed for faster PNG (Piped Natural Gas) rollout. This is a puzzling decision. Natural Gas production has been hammered as well.

19 March: Brent at $112. Global markets tumble as investors start pricing in a protracted energy shortage. Trump blames Israel for the attack on Iran’s South Pars gas field. Iran hits Qatar’s Ras Laffan refinery, which produces a fifth of the world’s LNG supply. 17% of its capacity is off — for the next five years. In India, the government offers 10% extra LPG to states that commit to push PNG harder. This is a strange call. Natural gas shortages are looming as well. Rising plastic prices start to bite. Bisleri raises its price by 11%. “The price of packaged drinking water has risen to 20 rupees per litre, due to a significant increase in packaging material costs, which have surged by over 70% in the last fortnight,” Angelo George, CEO of Bisleri, told Reuters.

20 March: IEA calls Iran war “the greatest global energy security threat in history”. Iran allows a few ships — from Pakistan, India and Greece — to pass through the Strait of Hormuz. News comes that a tanker operator paid Iran $2 million to transit the Strait. More such instances follow. Bangladesh seeks $20 billion in loans by June to fund fuel imports. The war also reaches healthcare. “Airgas, the largest distributor of pure helium products in the United States, has announced that it is using the force majeure clause of its contracts and halting supplies to customers due to the destruction of QatarGas’s train.” The gas is used to cool MRI machines down. By now, in India, prices of other fuels have begun rising as well. Industrial diesel sees a Rs 22 hike — and disparate sectors like sugar mills, mining and telecom towers feel the pinch. The rupee falls below Rs 93/dollar for the first time. Higher-grade petroleum gets costlier. 

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21 March: Trump threatens to strike Iran’s power plants and grid if Hormuz is not opened within 48 hours. Iran responds by saying it too will target vital infrastructure — including desalination plants — across the region. US and Israel hit Natanz, Iran’s nuclear facility. Iran hits back, striking Dimona near Israel’s nuclear research centre. In India, too, hospitals start worrying about helium supply.

22 March: So far, the shortage has been due to stranded cargoes. Now, as the FT writes: “Countries around the world face a cliffedge as the flow of liquified natural gas from the gulf comes to an abrupt end in the next ten days when a handful of final tankers from the region reach their destinations.” That link is paywalled. And so, try this link. From here on, countries will have to pay skyhigh prices for LNG from countries like the USA or Russia or switch to other fuels. As Amena Bakr wrote: “Qatar LNG exports could be cut to 50.6 mt in 2026 (-29.8 mt vs pre-war), dragging global supply down ~6% to 441 mt—the lowest Qatari output since 2009. Expect tighter markets and challenges refilling gas storage ahead of winter 2026/27.” And that is just Qatar Petroleum. Even if the US amps up production, will overall supply match demand? If not, what happens to prices? Pakistan is especially vulnerable, getting 99% of its LNG from Qatar. Both its LNG terminals are now running at 1/6th capacity and will stop working by the end of this month.

Seeking to stave off high oil prices, Trump allows countries to buy crude from Iran. Indian refiners are upbeat, says Business Standard. Two days later, Reliance buys 5 million barrels of Iranian Oil. Elsewhere in the country, the pinch is telling. Morbi has shut down. LPG shortages in Lucknow as well.

23 March: On Monday, just before markets open, Trump posits a diplomatic end to the war. Stocks and bonds recover. Tehran, however, says it has not participated in talks. Israel rebuffs the suggestion of talks as well. Markets fall again, but not before raising the possibility that Trump is either waging a weekend war or someone is profiting off the war in stock markets. In the midst of all this, comes a Fortune report saying the US treasury has just declared the US insolvent.  

Aviation is starting to prepare for high fuel charges — Qatar Airways parks 20 long-haul planes in Spain. Energy shortages are worsening. Saudi Aramco cuts crude oil supply to Asian buyers for April. ADNOC starts reducing LNG production. One fallout? The LNG export terminal boom runs into trouble. Here is one instance from Australia. LG Chem closes its ethylene plant citing Naphtha shortages. Given rising energy shortages, some companies are starting to think of reshoring to China. So much for China plus one.  Brent briefly touches $109.58 before dropping to (on 24th) $98.92. Dow doubles polyethylene price. 

On India, the country needs about 2,244,000 tonnes of LPG in a month. As of 23 March, actual receipts stand at 680,000 and loadings at 219,000 tonnes — a shortfall of 60%. Just enough to meet the country’s LPG needs for 10 days. “Incoming April receipts of LPG are even lower than March, with global loadings adequate to meet only 3-4 days of demand,” writes Business Standard. Migrant workers in UP start heading back home. Petrol pumps in Gujarat run out of petrol. Modi speaks about the fuel crisis in Parliament and says the country will face it unitedly — just as it faced Covid. The government decides to fill only 10 kg LPG in its 14 kg cylinders. Steep fall in stockmarkets. India’s urea plants are now running at 50% capacity.

24 March: Belying Trump’s statements, it now seems that a ground invasion is in the works. In India, smelling opportunity, ethanol producers suggest India hike petrol blending from 20% to 30%. Car owners contemplate Seppuku. Oil industry suggests ethanol be used for cooking instead. In Hyderabad, CNG shortages and long auto-rickshaw queues. Gas cylinder prices rise to Rs 5,000 in Bangalore — induction stoves and firewood are not viable alternatives, say eateries. More knock-on effects. Plastic and polymer prices production drops by 40% due to shortage of raw materials. Polypropylene prices, writes Deccan Herald, have risen from Rs 110/kg to Rs 180/kg. The poor continue to fall back on firewood and coal. Large queues for LPG in Uttar Pradesh. The issue starts to get communalised as well — with a rightwinger threatening a muslim gas agency owner. He is later forced to apologise, though.

25 March: The previous day, Trump had touted a diplomatic end to the Iran war. On the 25th, Teheran pounded Tel Aviv with missiles. In the US, insider trading over the war continued with traders placing bets worth half a $billion about 15 minutes before Trump posted about “productive” talks with Iran. In eye-popping news, it emerged that Volkswagen is in talks with Rafael Advanced Defence Systems to pivot from cars to missiles — more specifically, to make components for Israel’s Iron Dome defence system. Some years ago, the German car-maker had hit headlines for trying to game emission standards. Thereafter, it has struggled in the EV market. Power bills rise in Thailand.
College hostels revise menus, explore alternatives as LPG crunch continues. Citing high energy costs amongst his reasons for financial distress, a hotel owner (Ramachandra Shankar Halluri) kills himself in Belagavi. In Bangalore, LPG cylinder prices are fetching Rs 5,000 in black. Worries over fuel in Kashmir. Fertiliser prices rise.  Long queues outside petrol pumps in Surat as well. And so too in Prayagraj. In Gujarat, people bring all sorts of utensils to collect petrol. One sees these videos, one reads about LPG queues, and thinks that panic buying is actually an excellent metric for gauging state capacity. Some of the worst queues are in the states characterised by weak governance — UP, Gujarat, Assam, one could go on. In all this, farm prices have fallen as well and so, out comes a video of farmers destroying their tomato crop. This is extraordinary. In a few weeks and months, given low fertiliser production, India will see a food crisis. And yet, government procurement has not picked up.

26 March: Saudi Arabia starts to pull the plug on Neom, its futuristic and hubristic city. Iran also threatens to close the Bab El-Mandeb Strait. Russia, reports FT, is sending drones, medicines and food to Iran.Two days after Trump touted a diplomatic end to the Iran war, comes news that Washington is thinking of an assault on Kharg. Brent is now at $101. Through the conflict, the messaging from Iran has been spectacular. These videos, especially, are heart-rending. 

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In India, LPG supply to be cut off if households refuse PNG switch where available, says the government. Panic buying of LPG and petrol continues. One reason, says a motorcyclist, is Modi’s statement likening his government’s preparation for the energy crisis to its preparation for Covid. Long queues outside petrol pumps in Lucknow. Incredibly, in the middle of all this, Nayara decides to close its Indian refinery for maintenance. For the first time in 8 years, IOC buys LPG from Iran. Out-migration from Mumbai as well.

27 March: Ukraine’s drones attack Russia’s refineries and ports. There is now a possibility that Russian oil suppliers might issue force majeure notices as well. Brent climbs to $108. Making matters worse, a cyclone also damaged Australian LNG plants. Huge lines for petrol in Bangladesh (see video). Farmers in USA complain about ‘unbearable’ fertiliser prices. In Australia too, farmers are out of diesel. The damage from the war won’t be undone easily, says Lagarde. Indeed, see this graphic on damage to oil infrastructure in the gulf. AirGas declares force majeure on helium shipments.

In India, excise duties on petrol and diesel are slashed to curb a potential spike in inflation. The country also imposes windfall taxes on aviation fuel and diesel exports. Congress says BJP will hike prices after elections. Government denies any plans for a lockdown. Fertiliser plants are getting 70% of the natural gas they need. Bankers suggest a Covid-like moraratorium on debt repayment for MSMEs. Delhi’s Indian Agriculture Research Institute asks students (undergraduates, masters 1st year, and PhD 1st year) to leave campus for their homes. Classes will be conducted online from April 6, 2026. As tempers rise, the government clamps down on social media. Black marketing of LPG cylinders continues in Delhi. They are now selling for Rs 4,000-Rs 5,000. Long queues in the posh Vasant Kunj locality in the city. So too at petrol pumps in Lakhimpur Kheri, Prayagraj, Guwahati, Hyderabad, Thane and Amritsar. Communalism rears its head in Karnataka as a hotel employees blames all muslims for the Iran war. This is the second reported hate crime due to the energy shortage. 

This is one risk India faces — that the energy crisis will be used to push hate crimes. 

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28 March: Facing energy shortages, protesters in Manila burn US flag. For some days now, they have been walking to work. In all this, a strange anomaly is being seen. Two key indices for oil, Brent and Dubai, are reporting very different prices. Here is one take on why things are thus. Brent, nonetheless, is now at $111. IDF starts thinking the war might not topple the Iranian government. Iran, in the meantime, begins establishing a system of approved passage for ships — “A tightening of control over the crucial waterway that Tehran suggests could extend beyond its war with the US and Israel,” wrote FT. Following the news on Neom, Saudi Arabia also cancels building contracts for — sigh — a desert ski resort.

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In India, food stalls are closing in Delhi, their workers heading home. Indian Rupee has dropped 4% since the war began. Now stands at 94.85 to the dollar. Sensex drops another 1,690 points. The Indian government starts talks with auto cos on shift from E20 to E25.  Quick commerce companies — the purveyors of 10 minute deliveries — say demand is falling even as fuel and packaging costs rise. Packaging costs, they say, are up 30%. In Chandigarh, people have queued for 8 days for a cylinder. Contrary to what the press is saying, Iran is granting case-by-case approval to Indian ships transiting Hormuz. Panic buying of LPG cylinders continues in UP and elsewhere.

29 March: As the US prepared for a ground invasion, Iran hit a chemical factory in Israel. Iraqi armed group Saraya Awliya al-Dam entered the conflict, attacking 8 US bases. The IEA confirmed heavy damage to Iran’s Khondab heavy water production plant.

Back home in India, inaugurating the new airport at Jewar (outside Delhi), Modi pitched ethanol as a “shield against energy crisis”. With refills of the 5kg LPG cylinder now costing Rs 500 in Surat, Odia workers began returning from Surat. The scale was captured by NHK, the Japanese public broadcaster, which said half a million textile workers have lost their jobs in Surat due to the LPG crisis.

Two more India-flagged LPG tankers cleared the Strait of Hormuz. Both were carrying a day’s worth of LPG supplies for India. As this newsletter gets written, 8 LPG tankers bound for India have cleared the Strait so far. India also moved to revive Russian Liquefied Natural Gas imports and ramp up crude purchases despite US pressure. Any new LNG agreement, however, is likely to be less favourable than the 20-year supply deal signed in 2012 between GAIL and Russia’s Gazprom. Crude prices have risen from $70 a month ago to around $111. To keep prices affordable for buyers, the government reduced excise on Petrol to Rs 3 and removed it entirely for diesel — this leaves a little money with the OMCs as they absorb higher crude costs.

30 March: Egypt imposed emergency measures like reductions in street lighting and closing shops and cafes early to save energy. As the US-Israel war on Iran entered its fifth week, Trump deployed 3,500 more troops to the region. 

In India, black marketing of LPG cylinders continued. A Delhi police probe said the key suspect is usually either the gas agency dealer or their delivery staff. India managed to push natural gas supply to fertiliser plants to 75-80% of their requirement — up from 60% when the war started. Much of this, however, is coming through spot buys at about $19.5/mBtu (up 70% from $11-$12/mBtu before the war started). The sector needs 52 million mscmd of natural gas of which 15 is coming from spot buys. The fear is that the higher cost will push up the government’s subsidy burden. In other news, the LPG crunch is reviving the firewood economy. In Karnataka, “Prices have increased from ₹60–₹70 for 10 kg to ₹80–₹100, reflecting both higher demand and limited supply, wrote The Hindu. “Timber merchants in nearby Hunsur… are struggling to keep up with the rising requirement.” In the midst of this, the state forest department halted firewood auctions. Whether this will choke hoarding or spur illegal felling remains to be seen. The gas shortage also has companies buying more coal (pushing CIL’s e-auction premium up 35%) and households buying more ready to eat items. Rupee falls to $95. 

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31 March: The next day, he announced “great progress” in talks with Iran. Iran denied any talks and hit a power plant and a desalination plant in Kuwait as a tit-for-tat attack. On the same day, Trump also said the US could take the oil in Iran. Brent now above $116. 

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In India, the Sensex is at a two-year low. On the whole, FY26 is its worst year since Covid.  

1 April: Brent jumps to $119. This is after Trump told US allies to “go get your own oil” from the Gulf and US Defense Secretary Pete Hegseth refused to rule out a ground invasion. On the same day, Trump also said the war might end in 2-3 weeks — and that the US doesn’t need a deal to exit the war. This left questions about Iran and Israel unanswered. News emerged as well that Hegseth’s broker had tried to buy stocks in defence companies — he contacted Blackrock’s Defense Industrials Active ETF — in the weeks leading up to the attack. The conflict has now lasted a month and across Asia, countries are turning to coal as gas supplies tighten.
In Delhi, a full 14kg cylinder, which used to cost Rs 1,000, now comes for Rs 4,000. Responding to buyers’ financial troubles, black-marketers are also selling half-full cylinders for Rs 2,ooo. This is interesting. In Surat, a kilo of LPG (see above) was selling for Rs 100. In Delhi, the rate is now Rs 285/kg. In Madhya Pradesh, villagers have begun collecting firewood from Ratnapani Tiger Reserve. This is along predictable lines. As feared, India is seeing tree loss and deforestation.

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After doubling jet fuel prices to around Rs 2 lakh per kilolitre, India reversed that decision within hours. It hiked commercial LPG rates too — up 10% to Rs 2,078 — but no rollbacks there.

2 April: Brent dropped to $102. Preparing for an invasion, Iran ramped up recruitment, calling children as young as 12 to serve in patrols and checkpoints, and tend the wounded or cook. NATO is falling apart. After weeks of taunts from Trump, UK premier Keir Starmer said the UK will pivot closer to the EU. One reads such statements and thinks about all the time the UK wasted over Brexit. Saudi Arabia is frustrated with the US as well. This follows Trump’s attacks on Iranian civilian infrastructure, suggestions that Gulf states pay for the conflict, and a statement about Saudi crown prince Mohammed bin Salman kissing Trump’s ass.
In India, Indigo will levy a fuel surcharge between Rs 275-Rs 950 on domestic flyers. This follows the government’s decision to not transmit the full surge in aviation fuel to domestic airlines. After the government’s second hike in commercial LPG rates, hotels say they will have to raise prices. 

3 April: Further intensification. The US and Israel widened their attack on Iran hitting its scientific establishment (The Pasteur Institute which developed Iran’s vaccine for Covid; another medical research institute), steel plants and a bridge near the capital. In the US, Hegseth fired Army Chief of Staff Randy George. This raises speculation that the Army Chief disagreed with the Trump administration’s war plans. India’s manufacturing growth slows to a 45-month low in March. The Iran war is one reason. The country’s services growth hits a 14 month low as well. Here, too, the Iran war is to blame. Dainik Bhaskar reports that as many as 5,600 factories in MP are on the verge of closure. So are steelmakers in Kanpur.

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4 April: In turn, Iran shoots down an US fighter jet. Rosatom begins evacuating staff from Iran’s only functional nuclear plant, Bushehr, after it’s bombed as well. People start worrying about the risks of a radiation leak or something even more catastrophic — damage at Bushehr could contaminate water supplies across the Gulf.

In India, more second-, third- and fourth-order effects emerge. Contractors on three major projects in Mumbai — the Sewri-Worli Connector, Metro Line 6, and the Thane depot for the Mumbai-Ahmedabad bullet train — issued force majeure notices saying shortages of LPG and imported construction material might push up costs and time estimates. A 7th LPG tanker bound for India cleared Hormuz. Another tanker carrying crude, Ping Shun, diverted from India to China. Claims about payment trouble were later denied by the Indian government. In Surat, as PTI found as well, units are working fewer days in a week and fewer hours in a day. More tales of household distress emerge.

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The government’s hasty decision to halt all commercial LPG supplies has triggered a pharma crisis as well. Choking the production of a key solvent (isopropyl alcohol), it has “forced top drugmakers to warn of disruptions to medicine supplies,” reported Mint. In response, the government allowed supply of a “certain minimum” quantum of LPG to key pharma companies. Raw material shortages also make themselves felt in plastics factories. Polymers are directly linked to naphtha and other crude derivatives — and so, a factory in Odisha which employed 350 workers now has 60. From making 300 types of pipes and fittings, it is now making 10-12. Elsewhere, Bajaj and Ather raise prices. In Delhi, kerosene stove prices rise to Rs 9,000.