In the wake of rising demand and geopolitical tensions, liquefied natural gas (LNG) futures traded volumes experienced a notable surge in April, marking robust activity in anticipation of the summer season.
Amidst these dynamics, India, a significant player in the LNG market, continues to see an upward trajectory in its LNG imports, driven by various sectors including power, industry, and transportation.
According to data from March 2024, India’s total LNG imports, including long-term and spot purchases, stood at 1.9 million metric tonnes (MMT), amounting to USD 1113 million. For the fiscal year 2023-24, India’s cumulative LNG imports reached 23.3 MMT, valued at USD 13266 million.
Forecasts suggest a further 7-8 per cent increase in LNG imports in 2024, fuelled by burgeoning demand and ongoing infrastructure development initiatives.