Owing to decline in imports, India’s natural gas consumption decreased by 12.4 per cent to 5.06 billion cubic meters (bcm) in May 2023 on year on year (YoY) basis. The consumption of natural gas during the April-May period of 2023-24 witnessed a decline of 3.4 per cent as compared to the corresponding period in 2022-23.
Meanwhile, the domestic production of natural gas remained unchanged at 2.90 bcm while the output during the April- May 2023-24 period was 1.5 per cent lower on YoY basis.
Moreover, the country’s imports of liquefied natural gas (LNG) has dropped by 24 per cent to 2.22 bcm in May 2023 on YoY basis whereas the imports of LNG during the April- May 2023 period recorded a decline of 5.4 per cent to 4.74 bcm as compared to the corresponding period in 2022-23.