India’s LNG imports rises by 26% in January, Here is full information

New Delhi: India imported around 2.4 BCM of LNG in January which is considered a significant increase from last year’s 1.9 BCM. From April to January, imports rose by 15% over the previous year. Domestic gas use got increased by 10% from April to January and 14% YoY. The subsequent responsible factors include the growing demand for LNG is also leading to a surge in import deals. Dahej, India’s largest LNG import terminal, operated at 96.5% capacity during the October-December quarter which is a good enough figure in terms of records.

The secondary reason for the increase in domestic consumption is the drop in international prices and the demand for spot cargoes has increased. The leading benchmark rates of North Asian spotted LNG, JKM, dropped from $19 per MMBtu to $9 in just one year. It is substantially lower than the maximum $9.96 that producers are allowed to charge for gas generated from extreme Indian fields.

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The affected pricing includes mild winters in the northern hemisphere, lower-than-expected LNG demand from China, increasing global gas supply, and more gas storage in Europe. Price-conscious Indian consumers have an opportunity to trace it down.

Meanwhile, the fertilizers business is also a crucial point under this surge where it relies on imports for three-fourths of its requirements.

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