Govt Cuts Domestic Natural Gas Prices to $7.29 Per MmBtu for Dec

03 Dec 2024 CW Team

The notification stated that the price of domestic natural gas from December 1, 2024, to December 31, 2024, is set at $7.29/mmBtu on a gross calorific value (GCV) basis.

Under the new gas pricing mechanism, domestic gas prices are now subject to a floor and ceiling of $4 per mmBtu and $6.5 per mmBtu, respectively. The price had been $6.5 per mmBtu in November as well.

The price applies to natural gas produced from the legacy and oil fields of Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). Under the new pricing regime, domestic gas pricing is linked to imported crude pricing, set at 10 per cent of the Indian crude basket. The prices are revised every month.

This pricing decision is part of India's on-going efforts to manage its natural gas sector effectively while balancing 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 to ensure a coordinated approach in managing the country’s natural gas sector.

An expert explained that 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, combined with its policy framework, aims to stabilise pricing and maintain growth in the country’s natural gas sector.

The oil ministry announced in a notification that the price of domestic natural gas for December has been reduced to $7.29 per million metric British thermal units (mmBtu), down from $7.53 in the previous month. However, the domestic natural gas price will remain at $6.5 for the month, as per the formula used for the calculation of prices. The notification stated that the price of domestic natural gas from December 1, 2024, to December 31, 2024, is set at $7.29/mmBtu on a gross calorific value (GCV) basis. Under the new gas pricing mechanism, domestic gas prices are now subject to a floor and ceiling of $4 per mmBtu and $6.5 per mmBtu, respectively. The price had been $6.5 per mmBtu in November as well. The price applies to natural gas produced from the legacy and oil fields of Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). Under the new pricing regime, domestic gas pricing is linked to imported crude pricing, set at 10 per cent of the Indian crude basket. The prices are revised every month. This pricing decision is part of India's on-going efforts to manage its natural gas sector effectively while balancing 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 to ensure a coordinated approach in managing the country’s natural gas sector. An expert explained that 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, combined with its policy framework, aims to stabilise pricing and maintain growth in the country’s natural gas sector.

Real Estate

09 Feb 2026

Mumbai Posts Best January Stamp Duty Collections in 14 Years

Mumbai recorded its highest January stamp duty collections in 14 years, generating over Rs 10.12 billion from property registrations in January 2026, according to Knight Frank India. A total of 11,219 property registrations were recorded within the BMC jurisdiction during the month.While registrations declined 8 per cent year-on-year, January 2026 still marked the second-highest January in terms of volumes over the past 14 years. Stamp duty collections rose 2 per cent year-on-year, reflecting a higher share of large-ticket transactions and sustained end-user demand.Residential properties domin..

Real Estate

09 Feb 2026

Max Estates Launches Estate 361; Reports Strong Q3 FY26 Momentum

Max Estates has announced its unaudited Q3 and nine-month FY26 results, highlighting the launch of Estate 361 in Gurugram and strong momentum across residential pre-sales and commercial leasing.During the quarter, the company launched Phase 1 of Estate 361 in Sector 36A, Gurugram, with a Gross Development Value (GDV) of around Rs 25 billion. Envisioned as a forest-anchored residential community spread across 18.23 acres, the project features over 250,000 sq ft of forest greens with more than 1,000 indigenous trees and 50-plus climate-resilient species. The development also includes senior livi..

Real Estate

09 Feb 2026

Town Planners Call for Regional, Transit-Oriented Planning Shift

The 74th National Town and Country Planners Conference concluded with a strong call for a transition towards regional, transit-oriented and technology-enabled planning to address India’s rapidly evolving urban and economic challenges. Experts emphasised the role of metropolitan and city-region planning in enabling high productivity, inclusive growth and long-term resilience, drawing parallels with global city regions such as London, Singapore and Tokyo.Participants noted that metropolitan regions can drive higher productivity growth when supported by robust institutional frameworks and long-..