India has recently updated its domestic natural gas prices for January 2024, aiming for transparency and flexibility in the energy pricing framework. The meticulous approach has set the price at an attractive US$ 7.82 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis.
For gas produced by ONGC & OIL, there’s a clear ceiling of US$ 6.50 per mmbtu on a GCV basis for the same period.
This adjustment reflects India’s commitment to adaptability in the ever-changing energy landscape. The December 2023 price of US$ 8.47/mmbtu was already appealing for stakeholders, and the subtle 7.67% decrease adds detailed insight into fluctuations in the domestic natural gas market.