IGX trading jumps 181% in November amid strong CGD sector demand.
GIXI benchmark prices rise slightly month-on-month, falling on year-on-year basis.
Free-market gas dominates trades; new KG basin Tatipaka delivery point launched.
The Indian Gas Exchange (IGX) achieved a monthly traded gas volume of 8.8mn MMBtu (221 MMSCM) in November 2025, recording a 181% increase month-on-month (MoM) and a 249% year-on-year (YoY) increase. The surge in activity was primarily driven by demand from the City Gas Distribution (CGD) sector, as contract prices linked to Henry Hub were higher than the prevailing spot prices on IGX, which are benchmarked by the Indian Gas Price Index.
The IGX benchmark price, GIXI, for November 2025 stood at ₹993/11.2 per MMBtu, up 2% MoM. Prices trended downward on a YoY basis, reflecting broader international trends driven by ample supply and relatively stagnant demand. Regional GIXI indices demonstrated variations due to transmission and tax differentials, with the GIXI-West index at ₹996/11.2 per MMBtu, similar to the All India rate, while GIXI-East and GIXI-South were 3% and 9% lower, respectively.
1 December 2025
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International spot gas benchmarks also indicated a downward trend on a YoY basis. European TTF settled at $10.5/MMBtu, down 24% from the previous year, and WIM-Ex Dahej was $11.93/MMBtu, down 22% YoY. In contrast, the US Henry Hub rose to $4.5/MMBtu, up 49% YoY. The GIXI-Dahej index for November 2025 was ₹994/11.2 per MMBtu, reflecting a 3% decrease compared to the previous month, and traded at a 6% ($0.7/MMBtu) discount to the WIM-Ex Dahej settled price.
Approximately 75% of the total traded volume on IGX consisted of free-market gas, with the remaining 25% being domestic High Pressure High Temperature (HPHT) gas sold at the ceiling price of $9.72/MMBtu. Producers traded nearly 8 MMSCM of domestic gas at delivery points including Bokaro (CBM), Hazira-ONGC and the KG basin.
During the month, IGX executed 222 trades, with Dahej being the most active delivery point for free-market gas, while Gadimoga led in ceiling-price gas trades. November also saw the first trade at the newly launched KG basin – Tatipaka delivery point, along with the introduction of a Balance of the Month (BoM) contract. Total exchange-traded deliveries for the month amounted to 6.4mn MMBtu.
Rajesh K Mediratta, MD & CEO of IGX, told Economic Times that transparent price discovery via IGX helps make gas more affordable and improves market efficiency.
The city gas distribution network in India now spans 307 Geographical Areas (Gas), covering nearly 100% of the country’s geographical area, except for islands, and touching around 784 districts across 34 states and Union Territories, reported ANI citing a statement from Petroleum and Natural Gas Regulatory Board.
