Page 35 - Policy Economic Report - Feb 2026
P. 35
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
dated 30th September 2024. Now, as per notification dated 31st March 2025, Gas price ceiling
was further revised for the period 1st April, 2025 – 30th September, 2025 was notified as
US$10.04/MMBTU on Gross Calorific Value (GCV) basis. Prices were further revised for the period
1st October, 2025 – 31st March, 2026 was notified as US$9.72/MMBTU on Gross Calorific Value
(GCV) basis as per notification dated 30th September 2025.
Figure 16: Global natural gas price trends ($/mmbtu)
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Domestic gas price Henry Hub Natural Gas Spot Price Natural gas, Europe Spot LNG price, Japan
Source - EIA, World Bank
Table 7: Gas price, January 2026 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change
India, Domestic gas price (Feb’26) 6.21 -0.64% -21.79%
India, Gas price ceiling – difficult areas 9.72 -3.19% -4.33%
(Oct’25-Mar’26)
-3% -21%
GIXI (Gas index of India) price* 10.6 81.2% 86.9%
24.1% -19.8%
Henry Hub 7.72 -0.3% -14.4%
Natural Gas, Europe 11.76
Liquefied Natural Gas, Japan 11.29
Source - EIA, PPAC, World Bank, IGX
*Prices are weighted average prices (excluding ceiling price gas)
February 2026 Page | 34
