Indian Gas Price Index, GIXI for February 25 was higher by 25% YoY, but down by 8% MoM
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Mumbai, Wednesday, 05 March 2025: India’s gas price index, Gas IndeX of India (GIXI) for February 2025 was Rs 1112/$12.8 per MMBtu, up by 25% YoY basis due to an increase in gas demand from Europe, primarily from gas-based power plants. The price rise matched with price rise in European & East Asian spot international gas benchmark prices which were higher: TTF at $15.4 /MMBtu (90% up YoY, 6% up MoM) & WIM were 65% up YoY and 5% up MoM at 16 $/MMBtu – ex Dahej. GIXI-West were at same level as All India GIXI but GIXI- East was lower by 10% at Rs.1000/$11.5 per MMBtu due to transmission differential. GIXI – Dahej (Feb-25) was Rs 1111 or $12.8 / MMBtu, almost 10% down MoM. GIX-Dahej was at discount of $2/MMBtu i.e. 18% compared to WIM-Ex Dahej settled price for Feb-25. US gas price benchmark remained almost flat: HH at $3.7/MMBtu (1.5% down MoM)
During the month IGX traded 7.8 million MMBtu (196 MMSCM) gas volume, higher by 27% YoY basis. Around 42% of traded volumes were free market gas & 58% domestic HPHT gas at ceiling price (Rs 883 or $10.16/MMBtu) and 0.13 Millon MMBtu gas having pricing freedom at Bokaro (CBM), Jaya, & ONGC Hazira delivery points.
A total of 214 trades were executed in February’25. The first trades at the Chhara R-LNG Terminal and the Barmer delivery point (in Northern Regional Hub) were successfully executed during the month. The most active delivery point for free market gas was Chhara & Gadimoga for Ceiling Price gas due to higher sales from domestic gas producers. Other active delivery points were- Dahej, KG Basin, Bokaro, Jaya, Mallavaram, Hazira, Ankot, Barmer, Mhaskal & Suvali. Around 48% of the free market volume was traded at Dahej delivery.
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During the month, the Exchange traded deliveries were 7.5 million MMBtu (~6.8 MMSCMD), a record monthly delivery volume for the year.
IGX currently offer trades at 17 delivery points. Out of which, 5 are LNG terminals, 9 are domestic gas field land fall points and 3 are Pipeline Interconnection Points and offers delivery-based trade in seven different spot contracts such as Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, 3 Months & 6 Months, under which the trade can be executed for twelve consecutive months & two long duration contracts 3 Months and 6 Months linked to Benchmarks: GIXI, JKM®, WIM® & Dated Brent®. During the month, 84 trades (maximum number) were executed in Daily, followed by 51 trades in Fortnightly, 27 trades in Monthly, 24 trades in Weekly, 16 trades in Day-Ahead & 12 trade in Weekday contracts respectively.
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