Page 39 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

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 15: Global natural gas price trends ($/mmbtu)

80

70

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50

40

30

20

10

0

Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Dec-25

Domestic gas price Henry Hub Natural Gas Spot Price Natural gas, Europe Spot LNG price, Japan

Source - EIA, World Bank

Table 6: Gas price, December 2025 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change

India, Domestic gas price (Jan’26) 6.25 -3.55% -14.38%

India, Gas price ceiling – difficult areas 9.72 -3.19% -4.33%
(Oct’25-Mar’26)
0% -18%
GIXI (Gas index of India) price* 11 12.4% 41.5%
-9.0% -31.6%
Henry Hub 4.26 1.5% -10.4%

Natural Gas, Europe 9.48

Liquefied Natural Gas, Japan 11.32

Source - EIA, PPAC, World Bank, IGX

*Prices are weighted average prices (excluding ceiling price gas)

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