The benchmark gas price on the Indian Gas Exchange (IGX) registered a moderate increase in February 2026 even as trading activity on the exchange declined compared to both the previous month and the same period last year.
According to the latest market update from IGX, the Indian Gas Price Index (GIXI) for February 2026 stood at ₹992 per MMBtu ($10.9/MMBtu). The benchmark index increased by 3% on a month-on-month basis but remained 11% lower compared to February last year. The rise in domestic gas prices during the month largely mirrored trends in the global gas market, where prices firmed due to geopolitical developments and extended winter conditions in Europe that boosted demand.
International benchmarks also reflected similar movements. The European gas benchmark TTF averaged $13.6/MMBtu during the month, rising 4% month-on-month but declining 20% year-on-year. The WIM-Ex Dahej benchmark averaged $11.9/MMBtu, registering a 4% increase over the previous month while remaining 27% lower than the same period last year. In contrast, the US Henry Hub benchmark trended downward and averaged $3.6/MMBtu, falling 12% compared to the previous month and 2% compared to February 2025.
Regionally, the GIXI-West price stood at ₹999 per MMBtu ($11/MMBtu), largely in line with the national benchmark. Prices in other regions were lower, with GIXI-East and GIXI-South trading 6% and 8% lower respectively due to differences in transmission charges and tax structures. The GIXI-Dahej index for February 2026 was ₹1,016 per MMBtu ($11.2/MMBtu), marking a 6% increase compared with January and trading at a 7% premium over the WIM-Ex Dahej settled price for the month.
Despite the increase in prices, gas trading volumes on the exchange saw a significant decline. IGX reported a traded gas volume of 5.4 million MMBtu, equivalent to 136 million standard cubic metres (MMSCM), during February. This represented a decline of 36% compared with the previous month and 31% compared with February 2025. The fall in volumes was mainly attributed to a reduction in domestic high-pressure high-temperature (HPHT) gas trading as well as lower spot purchases by city gas distribution companies amid price corrections in Henry Hub-linked long-term contracts.
Of the total volume traded during the month, about 89% comprised free-market gas while the remaining 11% consisted of domestic HPHT gas traded at the ceiling price of ₹882 per MMBtu, equivalent to $9.72/MMBtu. Producers also traded nearly 5 million standard cubic metres of domestic gas with pricing freedom at delivery points including Bokaro (CBM), Jaya, KG Basin and Hazira-ONGC.
IGX recorded a total of 79 trades during February 2026. The Dahej delivery point emerged as the most active hub for free-market gas, while Mallavaram was the most active for ceiling-price gas. Other active delivery points during the month included Mhaskal, Jaya, Bokaro, Bhadbhut, KG Basin and Hazira-ONGC. Exchange-traded deliveries during the month reached 4.9 million MMBtu, equivalent to around 4.4 million metric standard cubic metres per day.
The exchange continues to offer delivery-based trading through a wide range of contracts including intraday, day-ahead, daily, weekday, weekly, fortnightly, monthly contracts of up to twelve months and balance-of-month contracts, along with longer-duration contracts of three and six months linked to benchmarks such as GIXI, JKM, WIM and dated Brent. These instruments enable market participants to manage price risk and procure gas in line with evolving market conditions.
