India Unveils Revised Domestic Natural Gas Prices for May 2024: Set at US$ 8.90 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis.
Markedly, the disclosed price marks a 6.2% surge from the February 2024 pricing. This adjustment underscores India’s proactive approach to market dynamics, fostering stability and predictability within the domestic natural gas sector while adeptly accommodating incremental shifts in pricing.
It is additionally specified that the gas produced by ONGC/OIL from their nomination fields will be subject to a ceiling of US$ 6.50/MMBTU on GCV basis for the same period.