New Delhi: The Indian Gas Exchange (IGX) on Thursday reported that its benchmark gas price index, GIXI®, for October 2025 stood at Rs 973/USD 11 per MMBtu, down 11 percent year-on-year and 6 percent month-on-month, reflecting weaker demand and declining international prices. “Prices trended downward, in line with international markets, due to stagnant demand,” the statement said.
Follow Energy Watch on X
International gas benchmarks also fell in October, with Europe’s TTF at USD 10.9/MMBtu (down 1 percent MoM, 16 percent YoY) and WIM-Ex Dahej at USD 12/MMBtu (down 1 percent MoM, 16 percent YoY). The US Henry Hub, however, rose to USD 3.4/MMBtu (up 11 percent MoM, 29 percent YoY).
According to IGX, GIXI®-West averaged Rs 974/USD 11 per MMBtu, broadly similar to the all-India index, while GIXI®-East and GIXI®-South were lower by 3 percent and 5 percent, respectively, “due to transmission and tax differentials.”
GIXI®-Dahej stood at Rs 1,020/USD 11.5 per MMBtu, unchanged from the previous month, and traded at a discount of USD 0.7/MMBtu (6 percent) compared with the WIM-Ex Dahej settled price.
IGX reported total traded gas volumes of 3.1 million MMBtu (79 MMSCM) in October 2025, down 46 percent month-on-month. The decline, IGX said, was “primarily due to reduction in domestic gas supplies amid decline in production from KG Basin and muted demand from the power sector.”
Around 49 percent of traded volume comprised free-market gas, while 51 percent was domestic HPHT gas sold at the ceiling price of USD 9.72/MMBtu. About 9 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG, and Hazira-ONGC delivery points.
Follow Energy Watch on LinkedIN
IGX said that “during the month, the first ssLNG trade was executed at the Hazira delivery point.”
A total of 109 trades were completed in October. The Mhaskal delivery point saw the most activity for free-market gas, while Gadimoga led trading in ceiling-price gas. Other active points included Dahej, Hazira, Ankot, Bokaro, Bhadbhut, Mallavaram, and Hazira-ONGC.
Among contracts, 38 trades each were executed in Monthly and Weekly segments, followed by 16 in Daily, 11 in Day-Ahead, 5 in Fortnightly, and 1 in Weekday contract.
Exchange-traded deliveries totalled 4.5 million MMBtu (around 3.6 MMSCMD) during the month, IGX said.