Petronet LNG’s CEO Akshay Kumar Singh stated that liquefied natural gas (LNG) prices in the range of $6–$7 per MMBtu would be ideal to boost consumption in India. With affordability as a key challenge, stabilizing prices through increased global supply could significantly enhance India’s energy security and demand outlook.
India’s top gas importer, Petronet LNG, has signaled that LNG prices around $6–$7 per MMBtu would mark a “comfortable range” to spur consumption across the country. CEO Akshay Kumar Singh emphasized that affordability remains the central challenge in expanding India’s natural gas share, currently at 6.5% of the primary energy mix.
Key highlights:
-
Singh noted that stabilized international LNG prices, aided by rising U.S. production, could benefit price-sensitive markets like India.
-
At present, LNG prices hover between $12–$14 per MMBtu, limiting wider adoption.
-
India aims to raise natural gas’s share to 15% by 2030, requiring imports of nearly 120 million tonnes annually.
-
Expansion of the national gas grid and competitive pricing are seen as critical enablers.
The CEO’s remarks come amid global supply shifts, with U.S. LNG exports expected to ease volatility. For India, lower prices could accelerate industrial usage, power generation, and household adoption, aligning with the government’s clean energy transition goals.
Singh’s statement underscores the delicate balance between global supply dynamics and domestic affordability, highlighting how price stabilization is pivotal for India’s energy future.
Sources: Reuters, ThePrint, ETEnergyWorld