India Sets July 2024 Gas Price at $8.24/MMBTU
02 Jul 2024
2 Min Read
CW Team
The Petroleum Planning & Analysis Cell (PPAC), under the Ministry of Petroleum and Natural Gas (MoPNG), has established the domestic natural gas price for July 2024 at $8.24 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis. This decision, outlined in accordance with MoPNG?s Notification No.L-12015/1/2022-GP-II dated 7th April 2023, aims to regulate pricing in India?s burgeoning natural gas sector.
In a notification issued today, PPAC underscored that the new rate will be effective from 1st July 2024 to 31st July 2024. Additionally, a ceiling price of $6.50/mmbtu on a GCV basis has been set for gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) from their nomination fields during the same period.
"This pricing framework aligns with our ongoing efforts to streamline the natural gas market, ensuring a balance between producer profitability and consumer affordability," commented a senior official from PPAC. The decision follows meticulous monitoring of global energy trends and adheres to the regulatory framework established by MoPNG?s April 2023 notification.
Key stakeholders, including the Directorate General of Hydrocarbons (DGH), ONGC, OIL, and GAIL, have been duly informed, emphasizing a coordinated approach to manage India?s natural gas resources effectively. The pricing mechanism reflects India?s commitment to fostering a robust energy ecosystem, supporting domestic production while maintaining equitable pricing for stakeholders across the sector.
India?s natural gas sector plays a pivotal role in its energy security strategy, with the government?s proactive stance aimed at enhancing production capacity and aligning with global energy standards. The latest pricing announcement underscores India?s strategic vision to sustain growth and stability in its natural gas market amidst evolving global dynamics.
The Petroleum Planning & Analysis Cell (PPAC), under the Ministry of Petroleum and Natural Gas (MoPNG), has established the domestic natural gas price for July 2024 at $8.24 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis. This decision, outlined in accordance with MoPNG?s Notification No.L-12015/1/2022-GP-II dated 7th April 2023, aims to regulate pricing in India?s burgeoning natural gas sector.
In a notification issued today, PPAC underscored that the new rate will be effective from 1st July 2024 to 31st July 2024. Additionally, a ceiling price of $6.50/mmbtu on a GCV basis has been set for gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) from their nomination fields during the same period.
This pricing framework aligns with our ongoing efforts to streamline the natural gas market, ensuring a balance between producer profitability and consumer affordability, commented a senior official from PPAC. The decision follows meticulous monitoring of global energy trends and adheres to the regulatory framework established by MoPNG?s April 2023 notification.
Key stakeholders, including the Directorate General of Hydrocarbons (DGH), ONGC, OIL, and GAIL, have been duly informed, emphasizing a coordinated approach to manage India?s natural gas resources effectively. The pricing mechanism reflects India?s commitment to fostering a robust energy ecosystem, supporting domestic production while maintaining equitable pricing for stakeholders across the sector.
India?s natural gas sector plays a pivotal role in its energy security strategy, with the government?s proactive stance aimed at enhancing production capacity and aligning with global energy standards. The latest pricing announcement underscores India?s strategic vision to sustain growth and stability in its natural gas market amidst evolving global dynamics.
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..
