India Firms Pay Record-High Prices for LNG Amid Global Disruptions

India's government energy firms are paying some of the highest prices for liquefied natural gas (LNG) since 2022, due to global supply issues and soaring European gas prices.

Global supply issues, coupled with Europe's gas prices reaching a five-month high, have driven up costs. As a result, Gail India and Gujarat State Petroleum Corp. recently paid more than $23 per unit for LNG shipments, which is a steep price.

The disruptions began in March when attacks damaged Qatar's export terminal, forcing Indian companies to buy LNG on the expensive spot market instead of relying on long-term deals.

Bharat Petroleum also had to make spot purchases, although its price was not disclosed.