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
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code