High prices squeeze gas demand by 6% in 2022: IEA
NEW DELHI: India’s gas consumption is estimated to have declined 6% in 2022 as record prices in the aftermath of the Russia-Ukraine conflict squeezed demand, the International Energy Agency (IEA) said on Monday.
Lower gas demand combined with a 3% rise in domestic gas production saw LNG (liquefied natural gas) imports drop 17%, marking the steepest fall on record and the first decline covering two consecutive years in India’s two-decade history as an LNG importer, IEA said in its latest gas market report.
Consumption in the petrochemicals sector saw the sharpest year-on-year fall at 32%, followed by the refining sector that saw a drop of 30% and power generation 24%.
