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India’s Gas price index rises 25% YoY in Feb 2025
India’s Gas Index of India (GIXI) for February 2025 stood at Rs 1,112 per MMBtu ($12.8 per MMBtu), marking a 25 percent year-on-year (YoY) increase. The surge was driven primarily by heightened gas demand from Europe, particularly from gas-based power plants. This increase aligns with the upward trend observed in global gas benchmark prices.
European and East Asian spot international gas benchmark prices reflected significant gains, with the Title Transfer Facility (TTF) price reaching $15.4 per MMBtu, up by 90 percent YoY and 6 percent month-on-month (MoM). Similarly, the West India Marker (WIM) price surged by 65 percent YoY and 5 percent MoM to $16 per MMBtu (ex-Dahej). Regionally, the GIXI-West remained at par with the All-India GIXI, whereas the GIXI-East was 10 percent lower at Rs 1,000 per MMBtu ($11.5 per MMBtu) due to transmission cost differentials. Meanwhile, GIXI-Dahej for February 2025 was recorded at Rs 1,111 per MMBtu ($12.8 per MMBtu), reflecting a 10 percent MoM decline. GIXI-Dahej was at an 18 percent discount ($2 per MMBtu) compared to the WIM-ex-Dahej settled price for February.
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