India just bought its most expensive LNG in years

Meanwhile, the Economic Times daily newspaper is available online now.

Key points

• Gail india ltd.India LNG pricesliquefied natural gasGail India Ltd.Gujarat State Petroleum Corp.Bharat Petroleum Corp.LNG spot marketQatar LNG exports.
• (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.).
• As the Iran war disrupts global supplies, indian energy firms are paying more than $23 per mmbtu for September LNG cargoes, among the highest costs for imports since 2022.
• Those are the most expensive LNG cargoes imported into the India since 2022, according to the individuals who asked not be name as the deals aren't public.
• Paid in the mid-$23 range per mmbtu for a September cargo, the individuals stated.

India buys its most expensive LNG in years as war upends market.

India buys its most expensive LNG in years as war upends market. By Ruth Liao and Stephen Stapczynski, BloombergLast Updated: Aug 21, 2026, 10: 09: 00 PM IST.

As the Iran war disrupts global supplies, indian energy firms are paying more than $23 per mmbtu for September LNG cargoes, among the highest costs for imports since 2022. While Bharat Petroleum has additionally purchased LNG from the spot market, GAIL India and Gujarat State Petroleum Corp. Have purchased cargoes at these levels.

Energy firms in India have been paying some of the highest costs they've paid in years for liquefied natural gas on the spot market as the Iran war continues to disrupt supplies of the fuel. Gail India Ltd., a state-run gas firm, lately paid more than $23 per million British thermal units for a cargo to be delivered in September, according to individuals familiar with the matter. India's Gujarat State Petroleum Corp. Paid in the mid-$23 range per mmbtu for a September cargo, the individuals stated. The Iran war energy crisis is just getting began.

Those are the most expensive LNG cargoes imported into the India since 2022, according to the individuals who asked not be name as the deals aren't public. State-backed energy firms in India are turning to the LNG spot market and bidding up costs as the administration is pushing to backing fertilizer producers. It employ natural gas. Live Events.

India has typically purchased LNG through long-term contracts from Qatar, the world's second largest supplier of the fuel. But Qatar's massive export terminal was damaged by Iranian attacks in March, and ships are still largely blocked from passing through the Strait of Hormuz. LNG consumption declines 6.5%on costly import, lower output India is additionally having to compete with LNG buyers in Europe, where gas costs have soared to a five-month high. A third Indian buyer, Bharat Petroleum Corp., additionally agreed to purchase an LNG cargo from the spot market this week, the individuals remarked. Bloomberg couldn't confirm the cost. Add Now!

Taken together, the developments around india just bought its most expensive LNG in years point to a situation that is still moving, and the coming days should bring more clarity.