India's LNG import costs drop 25% in April-February
India’s LNG import costs for the 11 months of the current fiscal year (FY2024) dropped almost 25% year/year due to relatively subdued global gas prices during this period, according to the provisional data published by the country's oil and gas ministry's Petroleum Planning and Analysis Cell (PPAC) on March 16.
The country’s LNG import bill for the April-February period amounted to $12bn, down from $15.9bn during the corresponding period in the previous fiscal year.
As a result of the drop in prices, India's LNG imports experienced an upward trend during the period, with cumulative volumes reaching 27.93bn m3, up 17.6% year/year.
India heavily relies on LNG imports to meet a significant portion of its domestic gas demand, with LNG accounting for nearly half of the country's total gas consumption.