Page 34 - FIPI - Policy Economic Report - May 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

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.

Figure 19: Global natural gas price trends ($/mmbtu)

80
70
60
50
40
30
20
10

0

Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-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, April 2025 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change
-4.55% -22.13%
India, Domestic gas price (May’25) 6.93
-1.18% 1.72%
India, Gas price ceiling – difficult areas 10.04
(Apr-Sep’25) -13% 40%
-17.0% 113.8%
GIXI (Gas index of India) price* 12.04 -12.5% 27.5%
-1.0% 4.6%
Henry Hub 3.42

Natural Gas, Europe 11.59

Liquefied Natural Gas, Japan 12.43

Source- EIA, PPAC, World Bank, IGX

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

Table 8: Gas price, GCV Basis Domestic Gas calculated Gas price ceiling – difficult areas
Period price in US$/MMBTU price in US$/MMBTU
8.27 12.12
1-31 May 2023 7.58 12.12
1-30 June 2023 7.48 12.12
1-31 July 2023 7.85 12.12
1-31 August 2023

May 2025 Page | 33