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India's Gas Price Index Falls 11% Amid Global Slump—First ssLNG Trade at Hazira

India's gas market saw significant price declines in October 2025. The Indian Gas Exchange reported an 11% year-on-year drop in its benchmark price index. Trading activity also slowed with volumes falling nearly half from the previous month. The month marked a milestone with the first small-scale LNG trade executed at Hazira.

Key Points: IGX Gas Price Index Drops 11% as First ssLNG Trade Executed

  • IGX benchmark gas price fell 11% year-on-year to Rs973 per MMBtu
  • Monthly trade volumes dropped 46% to 3.1 million MMBtu
  • First small-scale LNG trade executed at Hazira with 109 total trades
  • Domestic gas supplies reduced from KG Basin amid muted power demand
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IGX benchmark gas price Index falls 11% (YoY) in Oct 2025, first ssLNG trade executed at Hazira

Indian Gas Exchange reports 11% YoY price decline to Rs973/MMBtu, with first small-scale LNG trade at Hazira amid global gas market softening.

"The downward trend was aligned with the global gas market - IGX Press Release"

New Delhi, November 6

The Indian Gas Exchange (IGX) on Thursday reported that its benchmark gas price index, the Indian Gas Price Index (GIXI®), stood at Rs973 (equivalent to USD11 per MMBtu) for October 2025, marking a decline of 11 per cent year-on-year (YoY) and 6 per cent month-on-month (MoM) amid sluggish demand and softer international prices.According to IGX press release, the downward trend was aligned with the global gas market, where European and Asian benchmarks, TTF at USD10.9/MMBtu and WIM-Ex Dahej at USD12/MMBtu, recorded declines of 1 per cent MoM and 16 per cent YoY.

In contrast, US Henry Hub prices rose 11 per cent MoM to USD3.4/MMBtu, up 29 per cent YoY.IGX recorded monthly trade volumes of 3.1 million MMBtu (79 MMSCM), down 46 per cent from September, mainly due to a reduction in domestic gas supplies from the KG Basin and muted demand from the power sector.

Of the total traded volume, 49 per cent was free-market gas while 51 per cent comprised domestic HPHT gas sold at the ceiling price of USD9.72/MMBtu. Around 9 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG, and Hazira-ONGC delivery points.

The month also saw the first small-scale LNG (ssLNG) trade executed at Hazira, with a total of 109 trades completed across various contracts. The Mhaskal delivery point was the most active for free-market gas, while Gadimoga led for ceiling-price trades.

Among contract types, Monthly and Weekly contracts each accounted for 38 trades, followed by Daily (16), Day-Ahead (11), Fortnightly (5), and Weekday (1). Exchange-traded deliveries totalled 4.5 million MMBtu (3.6 MMSCMD) during the month.

IGX currently facilitates delivery-based trading across seven spot contract types, which includes Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly along with two long-duration contracts of three and six months linked to key international benchmarks including GIXI®, JKM®, WIM®, and Dated Brent®.The Indian Gas Exchange Limited (IGX) is India's authorised natural gas trading platform under the Petroleum and Natural Gas Regulatory Board (PNGRB). It provides a transparent and competitive marketplace for spot and forward gas trading across six regional hubs, enabling indigenous price discovery through its benchmark index GIXI®.

- ANI

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Reader Comments

R
Rohit P
Interesting to see the first ssLNG trade at Hazira. This shows India is slowly building the infrastructure needed for a gas-based economy. More such initiatives needed across the country!
A
Arjun K
While price drop is welcome, the 46% decline in trade volumes is concerning. We need to boost domestic gas production and create more demand from industries. The KG Basin supply issues need urgent attention.
S
Sarah B
As someone working in the energy sector, I appreciate IGX bringing transparency to gas pricing. The multiple contract types and delivery points show the market is maturing well. Good progress! 👍
V
Vikram M
The price reduction is good, but I'm worried about the muted demand from power sector. With India's growing energy needs, we should be using more gas for power generation to reduce coal dependency.
M
Michael C
Respectfully, while IGX is doing good work, the fact that 51% of gas is still sold at ceiling prices shows we have a long way to go for true market-based pricing. Need more competition and fewer controls.

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