Review of long-term LNG contract prices likely: Pradhan

India will look at reviewing the pricing of its long-term liquefied natural gas (LNG) deals at an “appropriate time” due to a fall in spot prices, oil minister Dharmendra Pradhan said on Monday.

“We will look at reviewing long-term LNG contracts,” Pradhan said at a natural gas event in New Delhi.

The spot price of imported LNG into Japan, one of the world’s biggest importers of the super-cooled fuel, has more than halved in the last year.

This has led buyers in Japan and China to request delays in term cargoes, while many other countries are considering lifting lower term volumes, experts have said.