New Delhi: India’s Gas IndeX of India (GIXI) for May 2025 rose 19 per cent year-on-year to ₹1,016 or USD 11.9 per million British thermal units (MMBtu), tracking an increase in international spot gas benchmarks, according to data released by the Indian Gas Exchange (IGX).
The GIXI recorded a 5 per cent decline on a month-on-month basis due to lower demand and higher supply. High inventory levels among marketers, who had anticipated increased demand from the power sector, coincided with lower actual power demand following an early monsoon and a peak of 231 GW, lower than the expected 260 GW-plus.
Internationally, the Dutch TTF benchmark rose 16 per cent year-on-year to USD 11.7 per MMBtu and was up 2 per cent month-on-month. The West India Marker (WIM) climbed 8 per cent year-on-year to USD 13 per MMBtu ex-Dahej. The US Henry Hub (HH) benchmark rose 43 per cent year-on-year to USD 3.45 per MMBtu.
Trade volumes on IGX declined 5 per cent year-on-year to 4.7 million MMBtu or 118 million standard cubic metres (MMSCM) in May 2025. Free market gas accounted for 80 per cent of the traded volume, while 20 per cent was High Pressure High Temperature (HPHT) domestic gas traded at the ceiling price of ₹861 or USD 10.04 per MMBtu.
A total of 140 trades were executed in May. The most active delivery points were Chhara for free market gas and Mallavaram for ceiling price gas. Other active points included Dahej, Mhaskal, KG Basin, Bokaro, Bhadbhut, Hazira, Dabhol, and Ankot. Of the total trades, 44 were in Day-Ahead contracts, 39 in Daily, 24 each in Monthly and Fortnightly, 8 in Weekly, and 1 in Intraday contracts.
Exchange-managed deliveries amounted to 7.9 million MMBtu, or approximately 6.4 MMSCMD.
Shapoorji Pallonji Energy Private Limited joined IGX as a proprietary member during the month, taking the total number of registered members to 50.
GIXI-West for May was recorded at ₹1,025 or USD 12 per MMBtu, 1 per cent higher than the all-India index. GIXI-East and GIXI-South were lower by 13 per cent and 8 per cent respectively, owing to transmission and tax differentials. GIXI-Dahej was steady month-on-month at ₹1,016 or USD 11.9 per MMBtu, trading at a 9 per cent or USD 1 per MMBtu discount to WIM ex-Dahej.
IGX currently offers trades at 17 delivery points comprising five LNG terminals, nine domestic gas field landfall points, and three pipeline interconnection points. It supports trading in seven spot contracts—intraday, day-ahead, daily, weekday, weekly, fortnightly, and monthly (up to 12 months)—and two long-duration contracts of 3 and 6 months linked to benchmarks such as GIXI, JKM, WIM, and Dated Brent.
