FE
Thanks to a decline in global prices of liquefied natural gas (LNG) in the initial months of this fiscal, India’s LNG import bill in the first half of the year fell by nearly 30% on year to $6.6 billion.
In volume terms, analysts see the country’s LNG imports rising this year given the increased demand and the “reasonable prices” of the commodity in the international market.
During the first half of the financial year 2023-2024, imports of LNG rose by over 10% to 15.11 bcm from the 13.68 bcm in the corresponding period last year.
India’s imports of LNG in September rose by 17.5% to 2.27 billion cubic metres (bcm) from the corresponding month last year due to rising consumption in the country, particularly by the fertilizer units, which uses gas feedstock for urea manufacturing. Imports in September were up 2% from the previous month, according to preliminary data from the Petroleum Planning and Analysis Cell.
