India government energy firms paying highest LNG prices since 2022
Business
India's government energy companies are now paying some of the highest prices for liquefied natural gas (LNG), the highest since 2022.
Why? Global supply issues and Europe's gas prices soaring to a five-month high are driving costs up.
To keep fertilizer production running, Gail India and Gujarat State Petroleum Corp. both paid more than $23 per unit for recent shipments, which is pretty steep.
Qatar attacks force India spot purchases
It started when attacks in March damaged Qatar's export terminal, disrupting India's usual long-term deals.
Blocked shipping routes in the Strait of Hormuz made things worse, so Indian companies had to buy LNG on the expensive spot market instead.
Even Bharat Petroleum had to jump in, though its price was not shared.