India’s LNG Import Costs Surge On Higher Prices, Freight
Mumbai: India’s LNG imports climbed sharply during the first four months of the current financial year as the country increased purchases from the US amid supply disruptions triggered by the West Asia crisis. LNG imports rose 24% to $5.6 billion during April-July, compared with $4.5 billion in the corresponding period of the previous financial year, according to data compiled by the Ministry of…
Mumbai: During the first four months of the current fiscal year, India's liquefied natural gas (LNG) imports surged by 24% to $5.6 billion, compared to $4.5 billion in the same period last year. This increase is attributed to heightened purchases from the United States as supply disruptions stemming from the West Asia crisis affect Gulf producers.
The surge in imports also reflects India's strategy to diversify its LNG sourcing from 15 countries, up from six, to mitigate the impact of supply disruptions and market volatility. Higher energy prices linked to the geopolitical crisis have contributed to the rising import bill. Additionally, shipping costs have escalated due to longer travel distances for LNG cargoes.
India has also witnessed a rise in LNG imports from the United States, with US supplies accounting for over 73% of the country's LPG imports in August.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
