Indian gas exchange benchmark declines 18% YoY on softer global demand
Jan 06, 2026
New Delhi [India], January 6 : The Indian Gas Exchange's benchmark price index, GIXI, fell by 18 per cent year-on-year (YoY) to reach Rs 994 or USD 11 per MMBtu in December 2025. This downward trend in domestic prices aligned with international market movements, influenced by increased supply, a mild winter in Europe, and stagnant demand across Asia.
According to a press release from Indian Gas Exchange (IGX) Limited, international spot gas benchmarks such as the European TTF dropped 35 per cent YoY to USD 9.9/MMBtu, while the Asian WIM-Ex Dahej declined 32 per cent to USD 10.6/MMBtu.
The Indian Gas Exchange Limited operates as a regulated marketplace under the Petroleum and Natural Gas Regulatory Board (PNGRB). It facilitates indigenous price discovery through eight different spot contracts at designated delivery points across six regional hubs.
The exchange reported a total traded gas volume of 58.2 million MMBtu for the first nine months of FY26, representing a 46 per cent increase compared to the previous year. During the third quarter specifically, traded volumes rose by 8 per cent YoY to 17.5 million MMBtu. Free-market gas constituted approximately 69 per cent of the quarterly volume, with the remaining 31 per cent consisting of domestic High Pressure High Temperature (HPHT) gas traded at the established ceiling price.
In December 2025, however, monthly traded volumes saw a slight decline of 2 per cent YoY, totalling 5.6 million MMBtu. IGX attributed this reduction primarily to a decrease in domestic HPHT volumes. Of the total volume traded in December, free-market gas accounted for 71 per cent, while domestic HPHT gas at the ceiling price of Rs 875 or USD 9.72/MMBtu made up 29 per cent.
Producers also traded nearly 10 MMSCM of domestic gas with pricing freedom at delivery points including Bokaro (CBM), the KG Basin, and Hazira-ONGC.
Regional price variations showed GIXI-West at Rs 996/USD 11.1 per MMBtu, closely matching the All-India index. In contrast, GIXI-East and GIXI-South indices were 5 per cent and 11 per cent lower, respectively, due to differentials in transmission and taxation. The GIXI-Dahej index for December stood at Rs 975/USD 10.8 per MMBtu, a 3 per cent decrease from the previous month, trading at a level similar to the WIM-Ex Dahej settled price.
Operational data indicated that 238 trades were executed during December 2025. The Dahej terminal remained the most active delivery point for free-market gas, while Gadimoga led for ceiling-price gas. Other active delivery points during the month included Mhaskal, Dabhol, Ankot, and the KG Basin.
The exchange also recorded its first trade in the Balance of the Month (BoM) contract during this period. Monthly contracts were the most active with 63 trades, followed by 52 intraday trades and 9 small-scale LNG (ssLNG) contracts.
