The benchmark gas price index of Indian Gas Exchange fell 18 per cent year-on-year to Rs 994, or USD 11 per MMBtu, in December 2025, reflecting a broader decline in global gas prices. The fall aligned with international market trends driven by increased supply, a mild winter in Europe and subdued demand across Asia, the exchange said in a release. International spot benchmarks also weakened, with the European TTF down 35 per cent year-on-year to USD 9.9 per MMBtu, while the Asian WIM-Ex Dahej price declined 32 per cent to USD 10.6 per MMBtu. IGX operates as a regulated marketplace under the Petroleum and Natural Gas Regulatory Board, facilitating domestic price discovery through eight spot contracts across designated delivery points in six regional hubs. During the first nine months of FY26, total traded volumes on the exchange rose 46 per cent year-on-year to 58.2 million MMBtu. In the third quarter alone, volumes increased 8 per cent to 17.5 million MMBtu, with free-market gas accounting for around 69 per cent of the total and the remaining 31 per cent comprising domestic high pressure high temperature (HPHT) gas traded at the ceiling price. Monthly volumes in December 2025 dipped marginally by 2 per cent year-on-year to 5.6 million MMBtu, largely due to lower domestic HPHT volumes. Of the total traded during the month, free-market gas made up 71 per cent, while domestic HPHT gas at the ceiling price of Rs 875, or USD 9.72 per MMBtu, accounted for 29 per cent. Producers also traded nearly 10 MMSCM of domestic gas with pricing freedom at delivery points including Bokaro (CBM), the KG Basin and Hazira-ONGC. Regionally, the GIXI-West index stood at Rs 996, or USD 11.1 per MMBtu, broadly in line with the all-India benchmark. GIXI-East and GIXI-South were lower by 5 per cent and 11 per cent, respectively, reflecting differences in transmission costs and taxation. The GIXI-Dahej index eased 3 per cent month-on-month to Rs 975, or USD 10.8 per MMBtu, trading close to the settled WIM-Ex Dahej price. Operational data showed 238 trades executed during December, with Dahej emerging as the most active delivery point for free-market gas and Gadimoga leading for ceiling-price gas. Other active points included Mhaskal, Dabhol, Ankot and the KG Basin. The exchange also recorded its first trade in the Balance of the Month contract, while monthly contracts were the most active overall, followed by intraday and small-scale LNG trades.