Page 32 - Policy Economic Report - September 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 18: Global natural gas price trends ($/mmbtu)

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Aug-21
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Aug-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, August 2025 Price ($/MMBTU) MoM YoY
Natural Gas (%) change (%) change

India, Domestic gas price (Sep’25) 6.99 -0.43% -10.96%

India, Gas price ceiling – difficult areas 10.04 -1.18% 1.72%
(Apr-Sep’25)
-1% -5%
GIXI (Gas index of India) price* 11.6 -9.1% 46.2%
-4.0% -9.9%
Henry Hub 2.91 -0.8% -11.3%

Natural Gas, Europe 11.15

Liquefied Natural Gas, Japan 11.82

Source - EIA, PPAC, World Bank, IGX

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

Table 8: Gas price, GCV Basis Domestic Gas calculated Gas price ceiling – difficult areas
Period price in US$/MMBTU price in US$/MMBTU
8.27 12.12
1-31 May 2023 7.58 12.12
1-30 June 2023 7.48 12.12
1-31 July 2023 7.85 12.12
1-31 August 2023 8.60 12.12
1-30 September 2023 9.20 9.96
1-31 October 2023 9.12 9.96
1-30 November 2023

September 2025 Page | 31