India raised deepwater gas price ceiling to $9.89/MMBtu for Oct 2026–Mar 2027

India’s oil ministry (via PPAC notification) raised the ceiling price for natural gas from deepwater, ultra-deepwater and high-pressure/high-temperature fields to $9.89 per MMBtu for the six-month period October 1, 2026 to March 31, 2027, up from $8.90. The ceiling for APM gas from ONGC and Oil India’s legacy nomination fields remained capped at $7 per MMBtu; PPAC notified an October APM price of $11.22 but the effective price stays at the $7 cap, with new-well gas allowed up to a 10% premium (up to $7.70) subject to the ceiling.