Natural Gas Price

Oil regulator cracks down on city gas firms; seeks uniform piped gas price

Oil sector regulator PNGRB has ordered city gas retailers to charge a uniform price for natural gas they pipe to household kitchens for cooking purposes, regardless of consumption levels, as it looks to curb the tendency of companies to charge a higher rate beyond a usage threshold. The government allocates natural gas priced at lower than market rates, called APM gas, to city gas retailers for sale to households as piped natural gas (PNG). Since the allocation is made by the government at sub-market price, the expectation is that the city gas retailers will pass on the benefit to users. While gas meant for household kitchens is priced at lower than market rates, the same supplied to commercial establishments, like hotels, is to be priced at the market rate. The Petroleum and Natural Gas Regulatory Board (PNGRB) in a notice said it has come to light that "certain city gas distribution (CGD) entities are implementing a telescopic pricing structure for piped natural gas (PNG) domestic

Govt cuts natural gas price for CNG, cooking use for first time in 2 yrs

For the first time in two years, the government has reduced the price of natural gas used for producing CNG for vehicles and cooking gas, reflecting a decline in benchmark rates. The price of natural gas from legacy fields allocated to state-owned ONGC without auction has been reduced from USD 6.75 to USD 6.41 per million British thermal units (mmBtu), according to a notification from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC). The reduction, which is the first since the government in April 2023 implemented a new formula to price such gas, will aid city gas retailers like Indraprastha Gas Ltd, Mahanagar Gas Ltd and Adani-Total Gas Ltd who had been reeling under cost pressures from rise in input cost. In April 2023, the Union Cabinet accepted an expert committee report to price on a monthly basis the gas from legacy fields, called APM gas, at 10 per cent of monthly average import price of crude oil with a floor of USD 4 and a cap of USD 6.5 per mmBtu. The cap pric

Statsguru: Natural gas targets remain blurry as 2030 goal seems unlikely

Owing to the global energy crisis of 2022 and the consequent price increase, the share of natural gas imports in gross energy imports fell from 7.51 per cent in 2020-21 to 5.43 per cent in 2022-23

Bolivia prez announces natural gas discovery, promising boon for country

Bolivia's embattled president on Monday announced the discovery of vast natural gas reserves, describing it as the biggest find in nearly two decades that could help the cash-strapped country reverse its falling production. President Luis Arce called the trove just north of the capital a mega field," saying it has some 1.7 trillion cubic metres of gas at a likely market value of $6.8 billion. He said the field named Mayaya X-1 is way to revive the gas industry. That was the engine of robust growth in the early 2000s, a period of booming exports and declining poverty that experts have termed Bolivia's economic miracle. This marks the beginning of a new chapter for the northern sub-Andean region, offering hope of maintaining our country as an important gas exporter, said Arce, who is the alleged target of a military coup attempt last month and the main focus of anger among Bolivians over shortages of fuel and foreign currency. "It's the most important discovery since 2005. In more

Optimism in natural gas distribution co MGL's stock appears fully priced in

MGL distributes gas through an extensive CGD network of pipelines, and supplies CNG to 0.77 million vehicles and PNG to 1.53 million domestic households

Crude Oil, Natural Gas: Check key trading strategy, target price

Despite ongoing conflicts and lower demand growth expectations, oil prices remain steady

Silver, Natural Gas: Check target price, trading strategies for May 15

On the daily chart, silver is showing a bullish trend with a pattern of higher highs and higher lows. Similarly, the Relative Strength Index (RSI) is mirroring this pattern, further indicating bullish

Crude oil, Natural gas, Copper: Check key trading strategy, target price

Crude oil prices rose by 0.5 per cent to $78.48 on Monday amid volatility tied to hopes for an end to the Gaza conflict.

More power and wider scope: Amended PNGRB Act, 2006 in the offing

Will give regulator more clarity on how to deal with a barrage of litigations by city gas firms

City-gas distribution entities lag on minimum work programme: PNGRB

Authorised CGDs have provided half of their targeted PNG connections to households

Natural Gas futures down 51% in 5 months on MCX; Should you bottom-fish?

The MCX Natural Gas futures have declined over 6 per cent so far in March, and tumbled up to 82 per cent from the peak in August 2022.

Monthly natural gas trades up 17% in Feb due to fall in global prices: IGX

Falling freight rates for LNG shipments have reduced gas prices in India

'Rich' to 'lean', 4 price changes: Story of India's largest gas import deal

Petronet renewing a contract to buy 7.5 million tonnes of LNG from Qatar annually from 2029 for 20 years is the largest-ever extension of super-chilled fuel in the world, and will support India's clean energy goals, officials said. The original 25-year deal was signed in 1999 and supplies started in 2004. Qatar has since then never defaulted on a single cargo and neither did it slap penalties under take-or-pay clause when the Indian firm did not take deliveries because prices were too high, top Petronet officials said. Supplies under the extended contract would start after Petronet takes deliveries of 52 cargoes it had failed to take in 2015-16 when prices had shot up sharply. While the volumes in contract have not changed, price changed four times, including the latest one when the contract extension was renegotiated. The composition of the gas promised to be delivered has also changed. RasGas, which is now QatarEnergy, had originally signed to supply 'rich' or gas containing ...

Petronet draws Rs 40,000 cr investment plan to increase profit by 2028

Petronet LNG Ltd, the operator of the world's largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore in expanding import capacity and petrochemicals with a target to treble net profit by 2028, its CEO A K Singh said. Petronet is making a foray into the petrochemical business by investing Rs 12,685 crore in a propane dehydrogenation plant that will convert imported feedstock into propylene, as well as setting up an LNG import facility at Gopalpur in Odisha at a cost of Rs 2,300 crore, he told reporters on the sidelines of India Energy Week here. The firm, which this week extended a deal to import 7.5 million tonnes a year of LNG from Qatar by 20 years, is also looking at investing in overseas projects such as a floating LNG terminal at Colombo in Sri Lanka. "We have charted a 1-5-10-40 strategy -- increasing turnover to Rs 1 lakh crore in 5 years with a net profit of Rs 10,000 crore from investing Rs 40,000 crore in expansions," he said. The strategy started

Petronet to sign LNG deal with Qatar for supplies past 2028: Report

India wants to raise the share of natural gas in its energy mix to 15 per cent by 2030, up from 6.2 per cent currently, as part of an effort to cut emissions

IGL Q3 results: Net profit jumps 41% on higher CNG, piped gas sales

Indraprastha Gas Ltd, India's leading CNG retailer, has reported a 41 per cent jump in third quarter net profit, as the firm recorded higher sales of CNG to automobiles and piped cooking gas to households and industries. The company clocked a net profit of Rs 392.07 crore in October-December - the third quarter of current fiscal that started in April 2023 - compared to Rs 278.26 crore in the same period in the previous year, it said in a statement. IGL operates city gas distribution (CGD) networks across 30 districts in 11 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan. The company said it "registered an overall sales volume growth of 4 per cent over the corresponding quarter in the last fiscal, with the average daily sales going up to 8.48 million standard cubic meters per day from 8.12 mmscmd." "Product wise, CNG recorded sales volume growth of 4 per cent in the quarter, while piped natural gas (PNG) recorded sales volume growth of 5 per cent

IGX sees 16% surge in volume of gas traded in 2023 on its platform

The Indian Gas Exchange (IGX) on Thursday said volume of gas traded on the platform rose 16 per cent in 2023 as producers and consumers flocked to the exchange. IGX recorded 1.22 billion cubic meters or 3.3 million standard cubic meters per day of gas trade in 2023, it said in a statement. December volume at 67 million standard cubic meters or 2.2 million standard cubic meters per day was a 7 per cent decline month-on-month. "A total of 132 trades were executed during the month. The maximum number of trades were executed in daily contract, 61 trades; followed by fortnightly and monthly contracts of 27 and 18 trades, respectively," the statement said. The most active delivery point for free market gas was Dahej and the domestic ceiling price gas was traded at Gadimoga. Other trading delivery points were Hazira, Ankot, Suvali, Mhaskal, Bhadbhut & KG Basin. During the month, the exchange traded gas flows were 37,26,500 million British thermal unit or mmBtu (around 3 mmscmd). GIXI ..

Energy surge: Oil and gas sector set for good growth in FY24, FY25

Natural gas consumption to rise 10-15% this financial year, driven by CGD

Gas firms seek price deregulation as city distribution targets fall behind

International gas prices, typically one-sixth of oil prices, have risen since late 2021, touching $100 per barrel

Failure to meet household gas demand will have consequences, says regulator

In many cases, connections have been provided, but the gas flow has not been initiated, the Chairman of Petroleum and Natural Gas Regulatory Board said