An increase in gas prices in the international market and a reduction in Administered Price Mechanism (APM) gas allocation to city gas distributors (CGD) led to monthly gas volumes traded on the Indian Gas Exchange Limited (IGX) rising by 129 percent sequentially to 5.7 metric million British thermal units (mmBtu) in December, the company said recently.
IGX is the only national-level gas exchange for the physical delivery of natural gas.
Global gas prices rose due to increased demand and supply concerns in international markets amid a strong winter in Europe and ongoing tensions with traditional supplier Russia.
Geopolitical tensions in West Asia have also contributed to the price surge, with fears of skirmishes between Israel and Iran reigniting as US President Donald Trump assumes office on January 20.
The Gas Index of India (GIXI) for December stood at Rs 1,215 or $14.3 per Metric Million British Thermal Unit (MMBtu), marking a 10 per cent rise from November. All spot international gas benchmark prices also recorded increases compared to the previous month, IGX stated.
