India's LNG import bill down 30% in April-October
India's LNG import costs during the first seven months (April-October) of FY 2023-24 amounted to $6.60bn, marking a significant 29.5% decline compared to the corresponding period in the previous year, according to the latest government data. This trend can be attributed to relatively subdued global gas prices.
As a result of a drop in prices, India's LNG imports witnessed an uptick during this period. Cumulative LNG imports for April-October stood at 17.75bn m3, registering a 13.4% increase compared with the same period in the previous year, according to the provisional data published by the country's oil and gas ministry's Petroleum Planning and Analysis Cell (PPAC) on November 23.
The country's LNG imports in October totalled 2.34bn m3 (approximately 1.7mn tonnes), marking an increase of 18.2% compared with the same period last year.
India's domestic gas demand is largely met through LNG imports, with LNG accounting for nearly half of the country's gas consumption