State-run oil & gas businesses have chosen a wait-and-watch strategy in prediction of more price easing amid a turbulent energy market and supply concerns

Although prices have decreased from multi-year highs. A lessening of demand could cause them to drop even further, the source said.

This led to a global search for supplies and a shift toward pricey spot buying, till the time of publication, the petroleum ministry, IOCL.

With GAIL, GMTS has signed a contract for the supply of 2.5 million tonnes of LNG annually for 20 years, beginning in 2018–19.

India 2023 LNG Imports

It claimed, as well as forecasts for mild weather, sufficient supplies. And the impending restarting of Freeport LNG in the United States.

India have imported LNG for $14.88 billion thus far in FY23 from Apr to Jan, 36.46% more than during the same period FY22 “$10.90 billion”.

Which could be created as a joint venture by public sector businesses or via a public-private partnership, keeping in mind the country’s increasing gas demand as well as its need for energy security (PPP