India's FY24 LNG import bill down 22%
India’s LNG import costs during the 12 months to March (FY2024) were down 22% year/year, according to the provisional data published by the country's oil and gas ministry's Petroleum Planning and Analysis Cell (PPAC) on April 17.
The country’s LNG import bill for FY2024 amounted to $13.3bn, down from $17.1bn during the previous fiscal year. The import bill has been lower due to soft global LNG prices.
As a result of the drop in prices, India's LNG imports experienced an upward trend during the period, with cumulative volumes reaching 30.92bn m3, up 17.5% year/year.
India heavily relies on LNG imports to meet a significant portion of its domestic gas demand, with LNG accounting for nearly half of the country's total gas consumption.