India’s LNG imports surge 10.5% in October on power sector demand

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India’s natural gas demand grew by 4.2 percent year-on-year in October at 6,005 million metric standard cubic meter (MMSCM) amid rising consumption from power sector and boost in domestic demand.

Amid higher consumption, liquefied natural gas (LNG) imports were 10.5 percent higher at 2,932 MMSCM. In recent months, India’s reliance on gas imports has been rising amid higher demand and stagnant production at home.

Gross production of natural gas in October was 3,111 MMSCM, down 1.6 percent compared with the year-ago period, data by oil ministry’s Petroleum Planning & Analysis Cell (PPAC) shows.

Domestic consumption in the current fiscal, till October, was 11.2 percent higher from the previous year, while LNG imports in the period were up by 22.2 percent.

Oil imports

India’s crude imports went up 4.2 percent year-on-year (YoY) in October, with the import bill coming in at $10.6 billion for the month. The country’s rising economic growth accounted for energy demand.

Crude imports for the current fiscal till October rose by 3.5 percent from year-ago period. India’s fuel demand reported a growth of 3 percent from last year at 137.6 million metric tonne (MMT), driven by 7.4 percent growth in petrol, 6.6 percent in LPG, 10.2 percent growth in ATF and 0.8 percent in diesel.