India’s LNG imports rose by 45.2 percent in April from the same month last year when Covid-19 lockdown restrictions halted economic activity and pushed down demand.
LNG imports reached 2.65 billion cubic meters or about 1.96 million tonnes while the price tag totaled about $0.8 billion in April, data from the oil ministry’s Petroleum Planning and Analysis Cell shows.
Compared to the previous month, LNG imports dropped almost 11 percent.
March LNG imports increased slightly while January and February marked a drop year-on-year.
As previously reported, one of the reasons behind the country’s lower LNG imports in the first three months could be the unprecedented surge in January spot prices, prompting Indian buyers to hold off on buying high-priced spot volumes.
In addition to this, India is again battling with the Covid-19 pandemic and a devastating second wave.
Due to lower demand, several LNG shipments have already been diverted or delayed, according to reports.
India currently imports LNG via six terminals with a combined capacity of 42.5 million tonnes.
Petronet LNG’s 17.5 mtpa Dahej terminal operated at 94 percent capacity while Shell’s 5 mtpa Hazira terminal operated at 76.8 percent capacity in April-March, the PPAC data shows.
The country will also soon start importing LNG via H-Energy’s facility in Jaigarh following the arrival of Hoegh Giant FSRU.