New Delhi: The ministry of petroleum and natural gas (MoPNG) said that the price of domestic natural gas has been reduced to $7.85 per million metric British thermal units (mmBtu) for September 2024, down from $8.51 in the previous month.
However, the price of the gas from the nominated gas fields of ONGC and Oil India has been kept unchanged at the price cap of $6.50 per mmBtu.
“The price of domestic natural gas for the 1st September 2024 to 30th September 2024 is notified as $7.85/mmBtu on gross calorific value (GCV) basis,” said the notification dated 31 July.
The price of domestic natural gas has been linked to the India crude oil basket since April and is changed every month.
The pricing decision is part of India’s ongoing effort to manage its natural gas sector effectively and balance the needs of producers and consumers. The new price follows the guidelines set forth by the MoPNG’s notification in April 2023, which established the framework for monthly price updates.
Key stakeholders, including the Directorate General of hydrocarbons, ONGC, OIL, and GAIL, have been informed of the new pricing structure, ensuring a coordinated approach in managing India’s natural gas sector.
“The new pricing reflects India’s efforts to align its energy policies with global standards while supporting domestic production and ensuring fair pricing for all stakeholders. The government’s monitoring of global energy markets, coupled with its policy framework, aims to stabilize pricing and maintain growth in the country’s natural gas sector,” said an expert.
