Page 35 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

on Gross Calorific Value (GCV) basis. Prices were further revised for the period 1st October, 2025
– 31st March, 2026 was notified as US$9.72/MMBTU on Gross Calorific Value (GCV) basis as per
notification dated 30th September 2025.
Figure 17: Global natural gas price trends ($/mmbtu)

80

70

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50

40

30

20

10

0

Oct-21
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

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

Source - EIA, World Bank

Table 7: Gas price, October 2025 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change

India, Domestic gas price (Nov’25) 6.55 -5.89% -13.01%

India, Gas price ceiling – difficult areas 9.72 -3.19% -4.33%
(Oct’25-Mar’26)
-6.0% -11.0%
GIXI (Gas index of India) price* 11.0 7.4% 45.0%
-2.1% -15.7%
Henry Hub 3.19 -0.8% -9.3%

Natural Gas, Europe 10.89

Liquefied Natural Gas, Japan 11.38

Source - EIA, PPAC, World Bank, IGX

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

November 2025 Page | 34