India Raises Benchmark Price for Deepwater Gas Fields to $9.89

The Indian government has raised the benchmark price for challenging natural gas fields from $8.90 to $9.89 per million British thermal units (MMBtu), effective October 1.

This change applies to deepwater, ultra-deepwater, and high-pressure, high-temperature discoveries, which are often more expensive to produce due to their location.

The new ceiling price is for the six-month period from October 1, 2026, to March 31, 2027. For gas produced from legacy fields of state-run ONGC and Oil India Ltd, the government has kept the ceiling at $7 per MMBtu.