+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code