Daily Management Review

India in March imports maximum LNG volume in the post-covid era


The country’s ministry of commerce and industry reports that India imported 2.304 million tons of liquefied natural gas in March 2024, a 20 percent increase from 1.924 million tons in the same month the previous year.

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This is the greatest level in the previous 41 months since October 2020.

Following a $422 price in February, the average import price finally settled at $393 per thousand cubic meters. Reduced prices around the world have an impact on India's purchasing power.

Qatar supplied about half of the total volume (1.07 million tons), with Angola, the United Arab Emirates, and Cameroon following.

Long-term prospects for expansion in the global LNG market are linked to Southeast Asian nations, China, and India. According to the International Energy Agency (IEA), increased demand from industry (particularly the fertilizer sector), robust power sector usage, and the expansion of local distribution infrastructure would cause India's natural gas consumption to rise by 7% in 2024.

source: iea.org