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.