Page 37 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Period Domestic Gas calculated Gas price ceiling – difficult areas
price in US$/MMBTU price in US$/MMBTU
1-31 October 2023
1-30 November 2023 9.20 9.96
1-31 December 2023 9.12 9.96
1-31 January 2024 8.47 9.96
1-29 February 2024
1-31 March 2024 7.82 9.96
1-30 April 2024 7.85 9.96
1-31 May 2024 8.17 9.96
1-30 June 2024 8.38 9.87
Source- PPAC 8.90 9.87
8.44 9.87

Figure 24: Domestic natural gas price May’23–24 ($/mmbtu)12.1212.1212.128.60
12.12
14.00 7.85 9.20 9.12 8.47 7.82 7.85 8.17 8.38 8.90 8.44
12.00 9.96 9.96 9.96 9.96 9.96 9.96 9.87 9.87 9.87
10.00
7.58 7.48
8.00
6.00
4.00
2.00
0.00

Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24

Domestic gas price Gas price ceiling (for difficult areas)

Source- PPAC

Indian Gas Market

• Gross production of natural gas for the month of May 2024 (P) was 3105 MMSCM which was
higher by 6.7% compared with the corresponding month of the previous year.

• Total imports of LNG (provisional) during the month of May 2024 were 2648 MMSCM (P)
(decrease of 7.2% over the corresponding month of the previous year).

• Natural gas available for sale during May 2024 was 5232 MMSCM (increase of 0.1% over the
corresponding month of the previous year).

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