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.
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.
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.
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 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.
