India’s Gas price index rises 25% YoY in Feb 2025
India’s Gas Index of India (GIXI) for February 2025 stood at Rs 1,112 per MMBtu ($12.8 per MMBtu), marking a 25 percent year-on-year (YoY) increase. The surge was driven primarily by heightened gas demand from Europe, particularly from gas-based power plants. This increase aligns with the upward trend observed in global gas benchmark prices. European and East Asian spot international gas benchmark prices reflected significant gains, with the Title Transfer Facility (TTF) price reaching $15.4 per MMBtu, up by 90 percent YoY and 6 percent month-on-month (MoM). Similarly, the West India Marker (WIM) price surged by 65 percent YoY and 5 percent MoM to $16 per MMBtu (ex-Dahej). Regionally, the GIXI-West remained at par with the All-India GIXI, whereas the GIXI-East was 10 percent lower at Rs 1,000 per MMBtu ($11.5 per MMBtu) due to transmission cost differentials. Meanwhile, GIXI-Dahej for February 2025 was recorded at Rs 1,111 per MMBtu ($12.8 per MMBtu), reflecting a 10 percent MoM decline. GIXI-Dahej was at an 18 percent discount ($2 per MMBtu) compared to the WIM-ex-Dahej settled price for February.
India Bought 112 Billion Euro Worth Of Russian Oil Since Ukraine War: Report
The world’s third largest oil consuming and importing nation, spent 102.5 billion euro (about Rs 1500 billion) on buying crude oil from Russia since the start of the Ukraine war, a European think tank said on Thursday. The Centre for Research on Energy and Clean Air (CREA) released a report on payments to Russia for fossil fuels since February 24, 2022. According to our estimates, since the beginning of the war, Russia earned EUR 835 billion in revenue from fossil fuel exports,” it said. China was the biggest buyer of Russian fossil fuel at EUR 235 billion (made up of EUR 170 billion for oil, EUR 34.3 billion for coal and EUR 30.5 billion for gas). India, according to CREA, bought fossil fuel worth EUR 205.84 billion from Russia from the beginning of the war until March 2, 2025. This comprised EUR 112.5 billion (USD 121.59 billion) for purchase of crude oil, which is refined into fuels like petrol and diesel at refineries, and EUR 13.25 billion for coal. India, which is more than 85 per cent dependent on imports to meet its crude oil needs, spent USD 232.7 billion on crude imports in 2022-23 (April 2022 to March 2023) and USD 234.3 billion in 2023-24. In the first 10 months of the current fiscal, it spent USD 195.2 billion. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022. This is primarily because Russian oil was available at a significant discount to other international benchmarks due to Western sanctions and some European countries shunning purchases. This led to India’s imports of Russian oil seeing a dramatic rise, growing from less than 1 per cent of its total crude oil imports to a staggering 40 per cent in a short period. Some of the refineries in India turned Russian crude oil into fuels like petrol and diesel which were exported to Europe and other G7 countries, according to CREA.