Page 39 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

dated 30th September 2024. Now, as per notification dated 31st March 2025, Gas price ceiling
was further revised for the period 1st April, 2025 – 30th September, 2025 was notified as
US$10.04/MMBTU on Gross Calorific Value (GCV) basis. Prices were further revised for the period
1st October, 2025 – 31st March, 2026 was notified as US$9.72/MMBTU on Gross Calorific Value
(GCV) basis as per notification dated 30th September 2025. As per notification dated 31st March
2026, gas prices were further revised for the period 1st April 2026 – 30th September 2026 and was
notified as US$ 8.90/MMBTU on Gross Calorific Value (GCV) basis.

Figure 14: Global natural gas price trends ($/mmbtu)

80

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Mar-22
May-22

Jul-22
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Mar-26

Domestic gas price Henry Hub Natural Gas Spot Price Natural gas, Europe Spot LNG price, Japan

Source - EIA, World Bank

Table 7: Gas price, March 2026

Natural Gas Price MoM YoY
(%) change
($/MMBTU) (%) change
48.21%
India, Domestic gas price (Apr’26) 10.76 58.00%
-11.35%
India, Gas price ceiling – difficult areas 8.90 -8.44%
(Apr’26-Sep’26) -18%
-26.2%
GIXI (Gas index of India) price* 10.8 1% 35.3%
15.5%
Henry Hub 3.04 -16.0%

Natural Gas, Europe 17.91 59.3%

Liquefied Natural Gas, Japan 14.49 28.0%

Source - EIA, PPAC, World Bank, IGX

*Prices are weighted average prices (data excluding ceiling price gas, ssLNG & LDC)

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