Indian Oil Corporation's (IOCL) expansion, costing ₹75,000 crore, will increase its refining capacity to 98.05 MMTPA by December 2026. This aims to significantly boost India's petroleum product exports, potentially raising its export share to 15% of total revenues and strengthening the nation's position as a global refining hub.
State-run Indian oil companies absorbed over Rs 75,000 crore in losses in Q1 FY24. While petrol and diesel sales may reach break-even in 7-10 days if crude prices stabilize around $75/barrel, LPG sales continue to incur losses. OPEC+ production hikes aim to ease global prices.
India's state-owned oil refiners Indian Oil Corp and Hindustan Petroleum Corp purchased approximately 7 million barrels of crude oil last week. This comes as the country's crude inventories have recovered significantly after disruptions.
Three Indian-flagged oil tankers carrying over 8.6 lakh metric tonnes of cargo and 94 Indian crew members successfully transited the Strait of Hormuz on Saturday. The vessels are now en route to Indian ports, with arrivals expected next week.
Indian Oil Corp, India's top refiner, has issued tenders for ships to transport liquefied petroleum gas and oil from ports within the Strait of Hormuz. This is the first such tender since a U.S.-Iran agreement, seeking to charter a VLGC, a Suezmax tanker, and a VLCC.
Indian oil stocks like HPCL, IOC, and BPCL surged as crude oil prices hit a two-week low due to progress in US-Iran peace talks. This optimism, combined with recent fuel price hikes, boosted shares, though analysts caution full market normalization may take months.
India's state-run refiners have increased retail prices for diesel and petrol by nearly 1% for the third time in a week. This move aims to reduce processor losses and manage demand spikes, with cumulative hikes now reaching 5.5% for diesel and 5% for petrol.
Indian Oil Corporation (IOC) has reassured the public that there is no nationwide shortage of petrol and diesel. The company attributes reported outages at some retail outlets to localized, temporary demand-supply imbalances, seasonal harvesting needs, and customer shifts from private pumps.
India's state-run oil companies are absorbing nearly Rs 30,000 crore in monthly losses to maintain stable petrol, diesel, and LPG prices amidst soaring global energy costs. This financial burden arises from crude oil price surges and supply disruptions in West Asia, with the government prioritizing consumer protection.
Indian oil marketing companies are incurring significant losses on petrol and diesel sales due to capped retail prices and high crude costs. Elevated energy prices are also inflating fertiliser subsidies and pressuring margins across the chemical and city gas sectors.
Indian oil marketing companies face significant financial strain as LPG under-recoveries are projected to hit Rs 80,000 crore in FY2027. Rising global energy prices and supply disruptions from the West Asia conflict are impacting profitability across downstream sectors.
The Indian petroleum ministry has amended the Aviation Turbine Fuel (ATF) order to permit synthetic fuel blending. Meanwhile, Indian Oil Corporation officials confirmed that domestic fuel stocks remain stable despite supply chain concerns linked to Middle Eastern geopolitical tensions.
Indian Oil Corporation Limited has assured that petrol and diesel supplies remain stable across Punjab, Himachal Pradesh, Jammu & Kashmir, Ladakh and Chandigarh despite Middle East conflict disruptions. The corporation holds 12 days of petrol and 16 days of diesel at depots, with retail outlets maintaining 13 days of petrol and 6 days of diesel stock. LPG supplies are steady though delivery timelines have increased from 2 to 6 days due to precautionary demand.
