Page 37 - Policy Economic Report - March 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

per notification 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$9.72/MMBTU on Gross
Calorific Value (GCV) basis as per notification dated 30th September 2025.
Figure 18: Global natural gas price trends ($/mmbtu)

80

70

60

50

40

30

20

10

0

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
Feb-26

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

Source - EIA, World Bank YoY
(%) change
Table 7: Gas price, February 2026
-12.69%
Natural Gas Price MoM -4.33%
(%) change -11%
($/MMBTU) -13.6%
9.66% -26.7%
India, Domestic gas price (Mar’26) 6.81 -10.3%
India, Gas price ceiling – difficult areas 9.72 -3.19%
(Oct’25-Mar’26)
3%
GIXI (Gas index of India) price* 10.9 -53.1%
-4.4%
Henry Hub 3.62 -0.2%

Natural Gas, Europe 11.24

Liquefied Natural Gas, Japan 11.47

Source - EIA, PPAC, World Bank, IGX

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

March 2026 Page | 36