Natural Gas Pricing
Historical Price Trends
Historical gas prices at Ex-Terminal parity (Dahej)- All Prices
- APM Domestic
- HPHT Ceiling
- New Well Gas
- HH-Linked LT RLNG
- Spot RLNG
- Derived GIXI West
- Crude-Linked LT RLNG
Price Comparison
Spot vs Long-Term LNG- Yearly Average
- Last 3 Month Avg
- Last 1 Year Avg
- Last 3 Year Avg
- Last 5 Year Avg
- Last 10 Year Avg
Price Risk & Volatility
Price volatility versus average price; bubble size indicates maximum price.- Last 3 Months
- Last 1 Year
- Last 3 Years
- Last 5 Years
- Last 10 Years
Pricing Methodology & Data Sources
Pricing formulas, assumptions and primary data sources used in the analysis.
Domestic Gas Pricing
Government-notified pricing framework for APM, HPHT and new-well gas.
- Pre-Apr 2023 APM: Determined semi-annually based on the 2014 New Domestic Gas Pricing Guidelines (weighted average of Henry Hub, NBP, Alberta, and Russian gas prices).
- Post-Apr 2023 APM: Based on the Kirit Parikh Committee guidelines, notified monthly at 10% of the Indian Crude Basket price, constrained within a floor ($4.00/MMBtu) and ceiling ($6.50/MMBtu for FY24-25, escalating by $0.25/MMBtu annually to $6.75 in FY26 and $7.00 in FY27).
- HPHT Ceiling: Semi-annually notified by PPAC for deepwater, ultra-deepwater, and high-pressure/high-temperature fields.
- New Well Gas: MoPNG/PPAC guidelines notified on August 12, 2024, granting a 20% premium (12% of Indian Crude Basket) without ceiling for production from new wells and well interventions in nomination fields. Rendered strictly from August 2024 onwards.
LNG Pricing & GIXI
LNG pricing methodology, Ex-Terminal Dahej price calculations and the Western Hub GIXI benchmark.
- Spot RLNG: Evaluated using preceding month JKM Futures settlement (CME) less $0.25/MMBtu DES West India discount plus terminal regasification, 0.66% boil-off, and 2.75% customs duty.
- LT RLNG: Modeled at 13% slope to 3-month trailing average Brent crude, plus regas, boil-off, and customs.
- Derived GIXI West (IGX): Volume-Weighted Average Price (Σ(Price × Volume) / ΣVolume) computed directly from historical physical delivery trade records on the Indian Gas Exchange for the Western Hub (Dahej, Hazira, Chhara, Mhaskal, Suvali). Excludes ceiling price gas (KG Basin, Gadimoga, Mallavaram), ssLNG, and LDCs per IGX guidelines. Converted to $/MMBtu using RBI monthly average reference exchange rates. Full 2020–2026 Curve
Standard Price Calculation Assumptions
Assumptions for customs duty, boil-off, regasification and currency conversion.
- Henry Hub (HH) Base: Modeled as (HH × 115%) + $6.00/MMBtu (reflecting US liquefaction tolling fee and long-distance shipping).
- Basic Customs Duty: 2.75% on CIF/DES Base price.
- Boil-Off Cost: 0.66% on (Base + Customs).
- Regasification Tariff: Latest base tariff of ₹65.16/MMBtu in CY2026 (compounding at 5.0% annually on Jan 1st from ₹53.61 base in CY2022, excluding GST).
- Regasification GST Timeline: 18% (Jan 2017 – Sep 2019) → 12% (Oct 2019 – Sep 2025 under Notification 20/2019 job work) → 18% (Oct 2025 onwards).
- USD Parity: Regas tariff and INR gas prices are dynamically converted to USD/MMBtu using monthly average RBI reference exchange rates.
Data Sources & References
- Domestic Gas Prices (APM, HPHT, New Well): Official notifications published by the Petroleum Planning & Analysis Cell (PPAC, MoPNG) .
- Henry Hub Natural Gas Futures: Monthly NYMEX settlement price history compiled from NRG Energy Tools .
- Crude Oil (Dated Brent): Monthly average benchmark crude oil prices from the World Bank Commodity Price Data ("The Pink Sheet") .
- Spot LNG (Platts JKM Futures): Historical monthly settlement quotes from Investing.com JKM Futures Historical Data .
- Indian Gas Exchange (IGX) & GIXI Index: Traded delivery-month contracts and methodology from IGX Delivery Month Wise Market Data and IGX GIXI Methodology Document (Official Index Portal: IGX GIXI ).
- Foreign Exchange Reference Rates: Monthly average USD/INR reference rates sourced from the Reserve Bank of India Reference Rate Archive .
Disclaimer & Intellectual Property Notice
The data and price indices presented in this dashboard are compiled from publicly available official government, exchange, benchmark, and secondary market publications exclusively for educational, analytical, and informational purposes. All respective copyrights, trademarks, dataset ownership, and intellectual property rights remain with their originating publishers and authorities (including PPAC / MoPNG, Indian Gas Exchange, CME / NYMEX, World Bank, S&P Global Platts, and the Reserve Bank of India). While rigorous care is taken to verify historical calculations and maintain timeliness, all information is provided on an "as-is" basis without warranties of completeness or fitness for specific commercial transactions, and should not be construed as financial, legal, or investment advice.
India Natural Gas Benchmark Prices Reference Table (USD / MMBtu)
| Price Benchmark | Sector / Mechanism | Pricing Formula | Approx. Value ($/MMBtu) | Frequency |
|---|---|---|---|---|
| APM Gas (Administered Pricing) | Nominated Legacy Fields (ONGC/OIL) for CGD & Fertilizer | 10% of Indian Crude Basket (Floor: $4.00, Ceiling: $7.00) | $7.00 / MMBtu (at ceiling) | Monthly revision |
| HPHT Deepwater Gas Ceiling | Difficult Fields (KG-D6, KG-DWN-98/2) | Landed parity of fuel oil, naphtha, and LNG | $9.30 – $10.00 / MMBtu | Bi-annual revision |
| New Well Gas | ONGC / OIL nomination new wells | APM price + 20% premium | $8.40 / MMBtu | Monthly revision |
| Crude-Linked Long-Term RLNG | Long-term import contracts (Qatar, Australia) | Slope (12.5% to 13.5%) * Brent + Constant | $10.50 – $12.00 / MMBtu | Monthly delivery |
| Henry Hub Linked RLNG | US export contracts (Sabine Pass, Cove Point) | 115% HH + Liquefaction fee + Shipping + Regas | $8.50 – $10.50 / MMBtu | Monthly indexation |
| Spot Imported RLNG | Spot cargo tenders (West Coast India) | Platts WIM / JKM / IGX Spot derivative | $12.50 – $14.50 / MMBtu | Daily / Weekly spot market |
Frequently Asked Questions
1. What is the current APM gas price in India?
The APM (Administered Pricing Mechanism) gas price in India is determined monthly by the Petroleum Planning & Analysis Cell (PPAC). Under the Kirit Parikh guidelines, it is linked to 10% of the monthly Indian Crude Basket price, bounded by a mandatory statutory floor of $4.00/MMBtu and an escalating ceiling of $7.00/MMBtu. Due to international crude prices hovering above $70/bbl, the current APM gas price trades at its statutory ceiling of $7.00/MMBtu (GCV).
2. How is the HPHT gas ceiling calculated?
HPHT (High Pressure High Temperature) gas from deepwater, ultra-deepwater, and high-pressure discoveries (such as Reliance-bp's KG-D6 and ONGC's KG-98/2) is governed by a semi-annual price ceiling. PPAC calculates this ceiling using the lowest of: (a) landed price of imported fuel oil, (b) landed price of imported naphtha, and (c) landed price of imported LNG (trailing 12 months with a 1-quarter lag).
3. What is the difference between Ex-Terminal and Delivered gas prices?
Ex-Terminal (or Ex-Plant) price refers to the price of natural gas at the outlet flange of the regasification terminal (e.g. Dahej) or gas processing plant, including FOB/CIF cost, customs duty, and regasification tariffs. Delivered price includes the Ex-Terminal cost plus unified pipeline transmission tariffs (PNGRB zonal tariffs), marketing margins, and state-level VAT/CST.
4. How do spot LNG prices compare with long-term contracts?
Long-term LNG contracts in India are predominantly indexed to crude oil (typically 12.5%–14% of Brent plus fixed shipping and regas) or US Henry Hub (115% HH + liquefaction tolling). Spot LNG fluctuates daily based on global supply-demand balances, European gas inventories (TTF), and Asian spot demand (JKM/WIM), making spot LNG significantly more volatile than term contracts.