India’s Gas Price Index GIXI Rises 3 Percent in February to INR 992/MMBtu

 The benchmark gas price index GIXI of the Indian Gas Exchange (IGX) stood at INR 992 (USD 10.9) per MMBtu in February 2026, marking a 3 percent month-on-month increase, while remaining 11 percent lower compared to the same month last year.

The increase in prices on a monthly basis was broadly aligned with trends in global gas markets, driven by geopolitical developments and an extended winter season in Europe. International gas benchmarks recorded mixed movements during the month. Europe’s Title Transfer Facility (TTF) gas benchmark averaged USD 13.6/MMBtu, up 4 percent month-on-month but down 20 percent year-on-year, while WIM‑Ex Dahej gas benchmark averaged USD 11.9/MMBtu, also up 4 percent month-on-month but down 27 percent year-on-year. Meanwhile, the U.S. Henry Hub natural gas benchmark averaged USD 3.6/MMBtu, declining 12 percent month-on-month and 2 percent year-on-year.

Regionally, GIXI-West was recorded at INR 999 (USD 11) per MMBtu, almost in line with the All-India index. However, GIXI-East and GIXI-South were 6 percent and 8 percent lower respectively, largely due to transmission costs and tax differentials. The GIXI-Dahej benchmark for February was INR 1,016 (USD 11.2) per MMBtu, registering a 6 percent rise compared to January, and traded at a 7 percent premium over the WIM-Ex Dahej settled price.

Trading activity on IGX declined during the month. The exchange recorded a total traded gas volume of 5.4 million MMBtu (136 MMSCM) in February 2026, representing a 36 percent decline month-on-month and 31 percent drop year-on-year. The decline was mainly attributed to lower domestic high-pressure high-temperature (HPHT) gas trade volumes and reduced spot purchases by city gas distribution companies, as buyers opted for Henry Hub-linked long-term contracts amid price corrections.

Of the total traded volumes, around 89 percent comprised free-market gas, while 11 percent consisted of domestic HPHT gas priced at the ceiling price of INR 882 (USD 9.72/MMBtu). Approximately 5 MMSCM of domestic gas with pricing freedom was traded by producers at delivery points including Bokaro (CBM), Jaya, KG Basin and Hazira-ONGC.

A total of 79 trades were executed during the month, with Dahej emerging as the most active delivery point for free-market gas, while Mallavaram recorded the highest activity for ceiling-price gas. Other active delivery points included Mhaskal, Jaya, Bokaro, Bhadbhut, KG Basin and Hazira-ONGC.

Among contract types, monthly contracts accounted for the highest activity with 31 trades, followed by 15 daily contracts, 14 fortnightly contracts, nine day-ahead contracts, four balance-of-month (BoM) contracts, four weekly contracts and two long-duration contracts of three months. Additionally, the small-scale LNG (ssLNG) segment recorded one trade during the month.

Overall, exchange-traded gas deliveries reached 4.9 million MMBtu, equivalent to around 4.4 MMSCMD, highlighting continued activity on the exchange despite a slowdown in trading volumes.

IGX currently facilitates delivery-based trading across eight spot contracts, including Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, Monthly (up to 12 months), and Balance-of-Month, along with long-duration contracts of three and six months linked to benchmarks such as GIXI, JKM, WIM and Dated Brent.