India’s import bill for refined petroleum products from the Gulf states slumped by 26% year-on-year in Q1 as the impact of the Hormuz closure was swiftly felt. The Gulf states typically supply more than 60% of India’s refined products imports – including LPG – and the short sailing times on the route meant that the impact of the conflict was already being felt by March.
The impact was most pronounced for imports from Qatar, which is a major supplier of LPG to India. The value of Qatari imports slumped by 40% against 1Q 2025, from $2.58bn to $1.55bn, government import statistics show. Qatar and the UAE are the two largest suppliers of petroleum products to India, and imports from the emirates fell by 32% from $2.84bn to $1.95bn over the same period. (CONTINUED - 342 WORDS)
