Page 51 - Policy Economic Report - September 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

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. Prices were further revised for
the period 1st October, 2026 – 31st March, 2027 was notified as US$9.89/MMBTU on Gross
Calorific Value (GCV) basis as per notification dated 30th September 2026.

Figure 23: Global natural gas price trends ($/mmbtu)

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0

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
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Jun-25
Aug-25
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Feb-26
Apr-26
Jun-26
Aug-26

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

Source: EIA, World Bank

Table 8: Gas price, August 2026

Natural Gas Price MoM YoY
(%) change
($/MMBTU) (%) change
28.76
India, Domestic gas price (Sep’26) 9.00 14.50
-11.35%
India, Gas price ceiling – difficult 8.90 -8.44%
areas (Apr’26-Sep’26) 107.3%
-4.5%
GIXI (Gas index of India) price* 22.0 14.43% 89.3%
18.2%
Henry Hub 2.78 -3.8%

Natural Gas, Europe 21.11 16.9%

Liquefied Natural Gas, Japan 13.94 0.6%

Source: EIA, PPAC, World Bank, IGX
*Prices are weighted average prices (data excluding ceiling price gas, LNG & LDC)

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