Page 48 - FIPI - Policy & Economic Report May 2026
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
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 19: Global natural gas price trends ($/mmbtu)
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Domestic gas price Henry Hub Natural Gas Spot Price Natural gas, Europe Spot LNG price, Japan
Source: EIA, World Bank YoY
(%) change
Table 9: Gas price, April 2026
67.24%
Natural Gas Price MoM -11.35%
($/MMBTU) (%) change 49%
India, Domestic gas price (May’26) 11.59 7.71% -19.0%
33.0%
India, Gas price ceiling – difficult areas 8.90 -8.44% -8.0%
(Apr’26-Sep’26)
GIXI (Gas index of India) price* 16.9 58%
Henry Hub 2.77 -8.9%
Natural Gas, Europe 15.41 -14.0%
Liquefied Natural Gas, Japan 11.67 2.2%
Source: EIA, PPAC, World Bank, IGX
*Prices are weighted average prices (data excluding ceiling price gas, LNG & LDC)
May 2026 Page | 47
