As per international trade practice, the default payment currency for all contracts for importing crude oil is the US dollar, , oil importers, oil ministry, rupee-denominated, vostro account
Of the seven LNG terminals, three have operated below 20% of their capacity and another three below 40% in the first half of the current fiscal year, according to the oil ministry data. Just one terminal at Dahej in Gujarat has operated above 90%. In eight years between 2013-14 and 2021-22, domestic gas consumption rose 23% while LNG imports rose 75%.
Natural Gas: Gas consumption rose 5% in 2019-20 before falling by a similar percentage point the subsequent year as the pandemic curtailed demand. It expanded 5% in 2021-22, boosted by the post-pandemic recovery but fell by a similar volume again in the succeeding year, weighed down by record high prices in the international markets.
Fuel Demand: There is a seasonality in Indian demand, which normally peaks in March and declines during the summer period due to the monsoon, said UBS analyst Giovanni Staunovo.
The case dates back to 2016. On November 4, 2016, the Union Oil Ministry slapped a demand of $1.47 billion on the RIL-BP-Niko consortium for “unfairly” producing natural gas belonging to ONGC.