LPG shortage: Consumers turn to induction stoves as backup
Sales of induction stoves and electric cookware spike by 10 times on several e-commerce platforms and at retail chains
With tensions rising in West Asia and LPG shortages reported in several Indian cities, sales of induction stoves have surged. In the past 24 hours, induction cooktops have increasingly been seen as a kitchen necessity rather than a luxury upgrade.
Also read: Commercial LPG shortage hits restaurants across India; menus cut, shutdown fears rise
Customers are rushing to retailers and e-commerce platforms to purchase induction cooktops as a contingency plan amid the fears of disruption of cooking gas supply.
Contingency plan
The escalating Iran conflict and disruption of the Strait of Hormuz have created an acute shortage of commercial and domestic cooking gas cylinders, forcing several hotels and restaurants to shut down or cut down on menus.
Also read: What does LPG price hike mean for supply, subsidies, and energy security?
Amid the ongoing LPG cylinder shortage, induction stoves are increasingly being viewed by many households as a practical backup, as they run on electricity and are nearly twice as energy-efficient as gas. They are also seen as a favourable alternative due to their lower operating cost compared with LPG cylinders.
Sales surge
On e-commerce platforms, the sales of the electric stoves have tripled over the last five days and spiked 20 times over the last 24 hours. “We are seeing an unprecedented surge in induction sales driven by a combination of soaring costs and physical supply shortages of LPG,” an e-commerce giant said.
Quick commerce platforms have also seen a surge in the sales of induction stoves, rising up to 10 times in the past week.
Also read: India's cooking gas crisis has a homegrown solution — induction stoves
A retailer reported a spike in the sales of electric cookers and induction cookers in the past two days. The retail chain also saw a sudden demand in the electrical kitchen appliances.
Share prices up
Meanwhile, the share prices of electric kitchen appliances makers surged up to 13 per cent on March 10.
Shares of Borosil rose nearly 4 per cent and Bajaj Electricals was up by over 1 per cent, while those of TKK Prestige jumped nearly 10 per cent.