Benchmark gas price on Indian Gas Exchange increased by 49% in April due to West Asia crisis

The GIXI-West index generally aligned with the overall all-India benchmark. However, the GIXI-East and GIXI-South indices showed higher figures, increasing by 59 percent and 45 percent, respectively. Specifically, the GIXI-Dahej index was set at Rs 1,522 per MBTU, which represented a 56 percent rise month-on-month, although it traded at a 5.6 percent discount relative to the WIM-Ex Dahej settlement price.

Approximately 53 percent of the gas volume that was traded originated from domestically produced high-pressure, high-temperature (HPHT) gas. This gas was sold at the ceiling price established by the government and was mostly bought by city gas distribution (CGD) companies to satisfy the need for domestic piped natural gas (PNG) and compressed natural gas (CNG) utilized in the transportation sector. The remaining portion, accounting for 47 percent, consisted of gas traded in the free market.

Производство и торговля газом

Producers engaged in trading around 17.52 million standard cubic metres of domestically sourced gas, which had pricing flexibility through delivery points located at Bokaro (CBM), Jaya, Suvali, and Hazira. Throughout the month, gas deliveries facilitated via the exchange amounted to roughly 6.83 million standard cubic metres daily (MSCMD).

Currently, IGX facilitates trading based on delivery across ten standardized natural gas contracts. These contracts span various durations, including intraday, day-ahead, monthly, as well as longer-term agreements covering three and six months, which are tied to benchmarks such as GIXI, JKM, WIM, and Dated Brent.