Surge in India's GIXI: Navigating Europe's Gas Price Tides

India's gas price index, the Gas IndeX of India (GIXI), experienced a notable 19% year-on-year increase in May, aligning with the rising global spot benchmarks in Europe and Asia. However, on a month-by-month basis, GIXI saw a 5% decrease, attributed to diminishing demand and an uptick in supply, as stated by the Indian Gas Exchange Limited (IGX).

According to IGX, the expected gas demand from the power sector failed to materialize, primarily due to the onset of early monsoons and subsequently lower peak demand, which stood at 231 GW compared to an anticipated 260 GW+. Subsequently, IGX's trade volume witnessed a 5% dip year-on-year, landing at 4.7 million mmBtu, equivalent to 118 million standard cubic meters.

In May 2025 alone, a total of 140 trades took place, with key delivery points for free market gas located at Chhara and Mallavaram. Remarkably, newly joined Shapoorji Pallonji Energy Private Limited became a proprietary member, increasing the list of registered members to a total of 50.

(With inputs from agencies.)