SUMMMARY
Indian government has fixed the price of natural gas in India for April 2026 at $10.76 per MMBTU (on GCV basis), which is a marked increase from prices in March. This price increase has taken place amidst some disruptions in international energy market, and has made some important companies such as ONGC and Oil India come into prominence.
In case of the gas generated from the nominated fields of the ONGC and Oil India via the administered pricing mechanism (APM), the maximum price ceiling of the government is pegged at $7 per MMBTU during April 2026. In this context, the price of the gas domestically was around $6.81 per MMBTU, with the minimum being $6.75 per MMBTU for these fields.
The maximum ceiling price for the difficult fields during the April to September period is set at $8.9 per MMBTU.
Increase in fuel prices comes at a time when there is increased tension in West Asia due to a one-month-long crisis between Iran, the United States, and Israel, with Iran blocking the Strait of Hormuz. This has resulted in a general increase in world commodity prices like oil and gold, among others. In addition, there are rumors from US President Donald Trump that the crisis may soon be over.
In terms of present market prices, OMCs are experiencing huge under-recoveries. According to the Union Ministry of Petroleum & Natural Gas, the losses are around ₹380 per LPG cylinder. The cumulative losses are expected to be about ₹40,484 crore by May 2026.
Similar trends were witnessed last year where the losses came up to ₹60,000 crore, out of which ₹30,000 crore was borne by the oil PSUs, while the rest of ₹30,000 crore was borne by the government to protect consumers against rising foreign LPG prices.
On the other hand, the price of aviation turbine fuel (ATF) for non-scheduled airlines and chartered flights has increased by 115% and reached ₹2.07 lakh per KL in April from ₹96,000 per KL in March. The cost of an 18 kg cylinder of LPG is also hiked and now stands at ₹195.5 and ₹218 in Delhi and Kolkata respectively.
After the news, ONGC and Oil India stock prices went up. The price of both companies' stocks was trading at a level that was 1.6% above their opening prices at about 11:15 am on April 1. In the past month, the price of ONGC stock has risen by 2.6%, whereas the price of Oil India stock has fallen by 2.6%.
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