India's LNG import costs drop 26% in April-January
India's LNG import costs for the 10 months of the current fiscal year (FY2024) have seen a sharp decline of 26% year/year, as reported in the latest government data published on February 16. The decrease in import costs is attributed to relatively subdued global gas prices during this period.
According to the provisional data released by the Petroleum Planning and Analysis Cell (PPAC) of the country's oil and gas ministry, India's LNG import bill for the April-January period amounted to $10.9bn, down from $14.8bn 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 in April-January, with cumulative imports reaching 25.3bn m3, up 15% year/year. In January 2024 alone, LNG imports reached 2.41bn m3 (1.8mn tonnes), reflecting a 26% year/year growth.
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.