Page 32 - Policy Economic Report - December 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

on Gross Calorific Value (GCV) basis. Prices were further revised for the period 1st October, 2025
– 31st March, 2026 was notified as US$9.72/MMBTU on Gross Calorific Value (GCV) basis as per
notification dated 30th September 2025.
Figure 17: Global natural gas price trends ($/mmbtu)

80

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10

0

Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
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Mar-25
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Nov-25

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

Source - EIA, World Bank

Table 7: Gas price, November 2025 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change

India, Domestic gas price (Dec’25) 6.48 -1.07% -11.11%

India, Gas price ceiling – difficult areas 9.72 -3.19% -4.33%
(Oct’25-Mar’26)
2.0% -10.0%
GIXI (Gas index of India) price* 11.2 18.8% 78.8%
-4.3% -25.2%
Henry Hub 3.79 -0.7% -14.0%

Natural Gas, Europe 10.42

Liquefied Natural Gas, Japan 11.02

Source - EIA, PPAC, World Bank, IGX

*Prices are weighted average prices (excluding ceiling price gas)

November 2025 Page | 31