New Delhi: India’s benchmark gas price index fell 18 per cent year-on-year in December 2025, while gas traded on the Indian Gas Exchange rose 46 per cent during the first nine months of FY26, according to data released by the exchange.
The Indian Gas Price Index (GIXI) for December 2025 stood at ₹994 or $11 per MMBtu, down 18 per cent from the same month last year. The decline in prices came in line with international markets amid increased supply, mild winter conditions in Europe and stagnant demand across Asia, the exchange said.
Indian Gas Exchange (IGX) recorded traded gas volumes of 58.2 million MMBtu during April–December FY26, up 46 per cent year on year. During the third quarter of FY26, IGX traded 17.5 million MMBtu, equivalent to 441 MMSCM, marking an 8 per cent rise over the corresponding period last year. A total of 569 trades were executed during the quarter.
Out of the total volume traded in Q3 FY26, around 69 per cent was free-market gas, while 31 per cent was domestic HPHT gas traded at the ceiling price. Monthly contracts accounted for 48 per cent of the traded volume, followed by fortnightly, daily, weekly, day-ahead and intraday contracts. Dahej remained the most active delivery point, accounting for 28 per cent of total trades, followed by Mhaskal with 23 per cent.
In December 2025, IGX recorded traded gas volume of 5.6 million MMBtu, or 142 MMSCM, reflecting a 2 per cent year-on-year decline. The exchange executed 238 trades during the month, with around 71 per cent of the volume coming from free-market gas and 29 per cent from domestic HPHT gas at the ceiling price of ₹875 or $9.72 per MMBtu.
“The drop was primarily due to reduction in domestic HPHT volume,” the exchange said.
GIXI-West was at ₹996 per MMBtu, while GIXI-East and GIXI-South were lower by 5 per cent and 11 per cent, respectively, due to transmission and tax differentials. GIXI-Dahej stood at ₹975 per MMBtu, down 3 per cent from the previous month.
The exchange also recorded its first trade in the Balance of the Month contract during December. Exchange-traded deliveries during the month stood at 5.7 million MMBtu, equivalent to around 4.7 MMSCMD.
