India Sets July 2024 Gas Price at $8.24/MMBTU
OIL & GAS

India Sets July 2024 Gas Price at $8.24/MMBTU

The Petroleum Planning & Analysis Cell (PPAC), under the Ministry of Petroleum and Natural Gas (MoPNG), has established the domestic natural gas price for July 2024 at $8.24 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis. This decision, outlined in accordance with MoPNG?s Notification No.L-12015/1/2022-GP-II dated 7th April 2023, aims to regulate pricing in India?s burgeoning natural gas sector.

In a notification issued today, PPAC underscored that the new rate will be effective from 1st July 2024 to 31st July 2024. Additionally, a ceiling price of $6.50/mmbtu on a GCV basis has been set for gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) from their nomination fields during the same period.

"This pricing framework aligns with our ongoing efforts to streamline the natural gas market, ensuring a balance between producer profitability and consumer affordability," commented a senior official from PPAC. The decision follows meticulous monitoring of global energy trends and adheres to the regulatory framework established by MoPNG?s April 2023 notification.

Key stakeholders, including the Directorate General of Hydrocarbons (DGH), ONGC, OIL, and GAIL, have been duly informed, emphasizing a coordinated approach to manage India?s natural gas resources effectively. The pricing mechanism reflects India?s commitment to fostering a robust energy ecosystem, supporting domestic production while maintaining equitable pricing for stakeholders across the sector.

India?s natural gas sector plays a pivotal role in its energy security strategy, with the government?s proactive stance aimed at enhancing production capacity and aligning with global energy standards. The latest pricing announcement underscores India?s strategic vision to sustain growth and stability in its natural gas market amidst evolving global dynamics.

The Petroleum Planning & Analysis Cell (PPAC), under the Ministry of Petroleum and Natural Gas (MoPNG), has established the domestic natural gas price for July 2024 at $8.24 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis. This decision, outlined in accordance with MoPNG?s Notification No.L-12015/1/2022-GP-II dated 7th April 2023, aims to regulate pricing in India?s burgeoning natural gas sector. In a notification issued today, PPAC underscored that the new rate will be effective from 1st July 2024 to 31st July 2024. Additionally, a ceiling price of $6.50/mmbtu on a GCV basis has been set for gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) from their nomination fields during the same period. This pricing framework aligns with our ongoing efforts to streamline the natural gas market, ensuring a balance between producer profitability and consumer affordability, commented a senior official from PPAC. The decision follows meticulous monitoring of global energy trends and adheres to the regulatory framework established by MoPNG?s April 2023 notification. Key stakeholders, including the Directorate General of Hydrocarbons (DGH), ONGC, OIL, and GAIL, have been duly informed, emphasizing a coordinated approach to manage India?s natural gas resources effectively. The pricing mechanism reflects India?s commitment to fostering a robust energy ecosystem, supporting domestic production while maintaining equitable pricing for stakeholders across the sector. India?s natural gas sector plays a pivotal role in its energy security strategy, with the government?s proactive stance aimed at enhancing production capacity and aligning with global energy standards. The latest pricing announcement underscores India?s strategic vision to sustain growth and stability in its natural gas market amidst evolving global dynamics.

Next Story
Infrastructure Urban

Designing Tomorrow: Amaravati’s Net Zero Landmark

Amaravati has achieved a defining landmark in India’s sustainable infrastructure journey with the inauguration of the APCRDA Project Office, the nation’s first government building to earn the IGBC Net Zero Energy Rating – Design Stage. Conceptualised by the Andhra Pradesh Capital Region Development Authority (APCRDA) and certified by the Indian Green Building Council (IGBC), the project exemplifies how governance, design and innovation can converge to deliver measurable environmental impact.A vision rooted in sustainabilitySet within a 4.3-acre site along the Seed Access Road in the Amar..

Next Story
Real Estate

Pidilite Elevates Construction with PPS

Pidilite Industries introduced Pidilite Professional Solutions (PPS) — a dedicated vertical for the construction and interiors ecosystem — at ACETECH Bengaluru 2025. Designed to empower architects, developers, contractors, and interior specialists, PPS delivers comprehensive support that extends far beyond products to ensure project excellence from concept to completion. Kavinder Singh, Joint Managing Director, Pidilite Industries, noted, “At Pidilite, we believe in enabling the construction fraternity to build boldly and sustainably. With Pidilite Professional Solutions (PPS),..

Next Story
Infrastructure Transport

Punjab, Centre Fast-Track Rajpura-Mohali Rail Line Development

The central government has fast-tracked the construction of the Rajpura-Mohali rail line to enhance connectivity in Punjab. This ambitious infrastructure project, aimed at improving transportation links between Rajpura and Mohali, has been identified as a key step in fostering regional economic growth. Union Minister for Railways, Ashwini Vaishnaw, announced the project’s acceleration during a recent assessment of the area. The rail line is expected to play a significant role in reducing travel time, promoting industrial growth, and boosting logistics efficiency in the region. The project,..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?