Why IGX Traded Volume Jumped 78% in April 26?

India’s gas market has transformed rapidly over the last three years. IGX traded volume surged 78.97% MoM in April FY26, which is when IGX traded volume increased to 8.54 million MMBtu. But why is there a sudden increase after volumes declined for two consecutive months?

Let’s understand what IGX traded volume really means, why GIXI prices are rising sharply, and how India’s gas market evolved from CY23 to April 2026.

What Does IGX do? 

Indian Gas Exchange (IGX) enables users to buy and sell natural gas through their established trading agreements, which require physical delivery at designated points. The market functions through buyers who submit bids, while sellers present their available stock, and trading activities occur when market prices reach an agreement.

IGX Gas Volume Analysis in India(Jan-April 2026) 

Source: IGX Press Release

MMBtu( MMSCM) and Total Trades

MMBtu is Million British Thermal Units. It is a unit used to measure energy in gas. So, it is a total quantity of gas traded. Hence, higher MMBtu means higher gas trading activity.

MMSCM is Million Metric Standard Cubic Metres. This measures the physical volume of gas. MMBtu measures energy content, while MMSCM measures physical gas volume.

1. January 26

IGX started FY26 on a strong note with traded gas volume touching 8.4 million MMBtu (212 MMSCM), rising 50% MoM and 17% YoY. The total trades were 145, which was the highest among the first four months of FY26. 

The growth was driven by strong PNG and CNG demand from CGD(City Gas Distribution) companies.

2. February 26

IGX gas volume analysis of Feb month reflects a drop to 5.4 million MMBtu (136 MMSCM), declining 36% MoM, while total trades fell to 79. 

3. March 26

March continued the weaker volume trend, with IGX traded gas volume falling further to 4.8 million MMBtu (120 MMSCM), down 11% MoM, though still 8% higher YoY. 

Total Trades improved slightly to 98 trades, indicating that market participation likely remained steady despite a lower traded quantity.

The biggest factor affecting the market was likely the Middle East geopolitical disruption, which tightened LNG supply availability and increased uncertainty in global gas markets. 

4. April 26

April emerged as the strongest month of 2026 so far, with IGX traded gas volume increasing to 8.54 million MMBtu (215.16 MMSCM), giving a massive rise of nearly 78.97% MoM growth compared to March.

Total trades could also rebound strongly to 128 from the last 2 months..

Domestic HPHT Gas and Free Market Gas

HPHT means High Pressure High Temperature gas. This gas comes from deep reservoirs and is expensive to produce. Also, if it mentions ceiling price, it could mean that the gas is sold at the highest rate which is allowed by the government.

Whereas Free market gas refers to the gas that is not controlled by government pricing and could be sold at market-driven prices.

1. January 26

Domestic HPHT gas at ceiling price dominated the market with an 84% share of traded volume, while free-market gas contributed only 16%.

2. February 26

Domestic HPHT gas still accounted for nearly 89% of traded volume, while free-market gas remained limited at 11%.

The slowdown could mainly come from reduced domestic HPHT gas transactions and weaker spot purchases by CGD companies. Buyers might become cautious as global LNG prices begin to rise again, likely due to extended winter demand in Europe and growing geopolitical concerns.

3. March 26

Domestic gas allocation prioritised PNG and CNG demand, possibly leaving less free-market gas available for trading. This reflected that 93% of traded volume came from domestic HPHT gas at the ceiling price, while free-market gas dropped to just 7%, the lowest among all four months of FY26.

4. April 26

Unlike previous months, free-market gas participation improved significantly. Domestic HPHT gas contributed 53.08% of traded volume, while free-market gas accounted for 46.92%.

The sharp recovery could largely be driven by rising summer power demand, which increased gas consumption from electricity producers. Continued demand from the PNG and CNG segments could also support higher trading activity.

Additionally, the ongoing Middle East geopolitical crisis likely pushed global gas prices sharply higher

GIXI (Gas Index of India)

GIXI is IGX’s benchmark gas price index. It tells the average gas price in India. It functions similarly to NIFTY for equities or Brent for crude oil.

1. January 26

Even with strong demand, prices remained relatively low. IGX’s benchmark gas price index, GIXI, stood at Rs 962/MMBtu, down 3% MoM and 21% YoY, likely due to better domestic gas availability and lower international LNG prices compared to FY25. 

2. February 26

Despite lower volumes, gas prices moved higher. GIXI increased to Rs.992/MMBtu, nearly above 3% MoM. This indicated that while buying activity slowed, global pricing pressure could have begun to impact the Indian market.

3. March 26

Price pressure also might continue to build. GIXI increased to Rs 998/MMBtu, above 1% MoM, while international LNG benchmarks surged sharply, possibly due to geopolitical concerns across Asia and Europe.

4. April 26

A major highlight in April is average gas prices, which might see a sharp jump. GIXI increased to Rs.1,577/MMBtu, rising 57.99% MoM and 49.10% YoY.

IGX Traded Volume CY2023-CY2025 Analysis

Source: IXG Gas Market Insight

MMBtu( MMSCM) and total trades

1. CY23

CY23 was likely a stable growth year for IGX, with traded gas volume rising 16% YoY to 48.49 million MMBtu compared to 41.64 million MMBtu in CY22. 

However, despite higher volumes, total trades declined 22% YoY to 1,424 trades from 1,822 trades in CY22. This could indicate that larger institutional transactions dominated the market.

2. CY24

CY24 might remain stable in terms of overall traded gas volume, with IGX recording 48.52 million MMBtu compared to 48.49 million MMBtu in CY23. However, the total number of trades declined slightly to 1,338 from 1,424 trades in CY23.

3. CY25

In CY25, traded gas volume had a growth of nearly 62% compared to CY24, increasing to 78.40 million MMBtu. Total trades also surged to 2,249 trades, reflecting a growth of nearly 68% YoY.

Trade Value and Average Trade Value

1. CY23

The exchange recorded a total trade value of Rs 4,739 cr during the year, with an average trade value of Rs 2.7 cr per trade.

2. CY24

Despite relatively flat volumes, IGX recorded a total trade value of Rs 4,912 cr, while average trade value stood at Rs 3.7 cr.

3. CY25

The exchange recorded a total trade value of Rs.7,406 cr during CY25, while average trade value stood at Rs.3.3 cr. Here,the sharp rise in trade count could reflect higher market participation and liquidity.

Domestic HPHT Gas and Free Gas Market

1. CY23

Domestic gas accounted for nearly 72% of traded volumes, while free-market gas contributed 28%. It shows the continuous dependence on the regulated domestic gas supply during the year.

2. CY24

A major change that could be seen during CY24 in free-market gas participation which was nearly 79% of traded volume, while domestic HPHT gas contributed only 21%. So, there was a sharp rise of almost double compared to CY23 seen in the free market gas

3. CY25

Domestic HPHT gas accounted for 54% of traded volumes, while free-market gas contributed 46%. It might be indicating stronger participation from both regulated domestic supply and market-linked gas trading. 

Overall, the market might evolve structurally over the next 3 years. CY23 was dominated by domestic regulated gas but in CY24 saw a sharp rise in free market gas trading. However, in CY25, we could see a balance which is a mix between both. Also, CY25 may be a major expansion phase for IGX.

Also Read: IGX Business Model : Key Markets, Customer & Fee Structure Analysis