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India’s first Gas Index was launched by IGX

Published on December 23, 2022
Current Context: Indian Gas Exchange (IGX) has come up with the idea of Indexing Gas Pricing.
India’s first Gas Index was launched by IGX
  • This was launched by Tarun Kapoor, Former Petroleum Secretary and Advisor to Prime Minister.
  • This will act as the benchmark for natural gas prices in India.
  • Benchmarking is done with reference to various international standards like JKM (Japan Korea Marker), HH (Henry Hub), WIM (West India Marker), and TTF (Dutch).
  • It will be reflected on all the gas trade based on volume-weighted average price.
  • IGX is India’s first automated national-level gas exchange.
  • It will supply over 447 lakhs MMBtus (1.1 Billion Cubic Meters) of gas since its entry.
  • The IGX pricing will be done in various delivery points based on the true market situation.
  • This is done with the aim to achieve a 15% share of natural gas in India’s energy mix.

Question:

Q.1 Gas Price Indexing is done in India by whom?
a. Indian Gas Exchange
b. Indian Oil Exchange
c. Indian Oil Corporation
d. Bharat Petroleum
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