So far, GMTS has defaulted on the supply of more than 20 cargoes or shiploads, 13 of which were set to be received in the second quarter (July-September), officials said.
Moody's said it expects exposure to low oil prices to shave off 0.8 per cent from real GDP growth on average across oil exporting countries in 2016.
The previous United Progressive Alliance government had last year approved pricing of all forms of domestically produced gas at according to a formula suggested by a panel headed by C Rangarajan.
The government recently announced a new formula for determining the price of natural gas, lowering it from $8.4 suggested by the C Rangarajan committee.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
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