India reduces domestic natural gas prices to $8.44/MMBtu for June 2024, capping at $4-6.5/MMBtu and linking to imported crude oil prices.
India's domestic natural gas prices have been reduced to $8.44/MMBtu for June 2024, a decrease from $8.90 in the previous month, according to the oil ministry. Under the new gas pricing mechanism, domestic gas prices are capped at a floor price of $4/MMBtu and a ceiling price of $6.5/MMBtu, with prices linked to imported crude oil prices at 10% of the Indian crude basket. The prices apply to natural gas produced from legacy and oil fields managed by ONGC and OIL, with monthly revisions to reflect market changes.
May 31, 2024
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