India's liquified natural gas imports have been steadily rising in fiscal 2025, with September 2024 imports growing 12% year-on-year, as per the Petroleum and Planning Analysis Cell's latest monthly report.
These imports could further rise going forward, as per Mahanagar Gas Ltd.'s Managing Director Ashu Singhal. Singhal told NDTV Profit exclusively how the government's latest move to reduce subsidised gas to the city gas distribution sector could help increase India's LNG imports.
As per Sudeep Anand, senior vice president of the Systematix Group, the latest LNG import data is positive for Petronet LNG Ltd.
India's September LNG Imports
As per PPAC, India's total LNG import volume in September 2024 came at 97.7 million metric standard cubic meter per day, compared to 93.7 million metric standard cubic meter per day in August 2024 and 86.2 million metric standard cubic meter per day in September 2023.
Interestingly, the second quarter has seen just 1.5% sequenital decline in volumes to an average of 103.5 million metric standard cubic meter per day, as per Anand. The higher volume in the first quarter was due to peak summer power demand.
Benefits For Petronet LNG
Petronet LNG is an Indian oil and gas company that imports, stores, regasifies, and supplies liquefied natural gas. As a leading LNG importer and distributor in India, the company directly benefits from increased LNG imports. Higher volumes lead to increased revenue for the company.
Higher LNG imports also help strengthen the company's market position, and the higher imports could also lead to economies of scale and potentially lower procurement costs. This can improve Petronet LNG's profitability.
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