India: IOCL rolls over pet coke prices for Jun’25 after double cut last month

• IOC holds prices steady on subdued demand
• Parity with export tags being maintained

Indian Oil Corporation (IOC), India’s second-largest producer and leading seller of pet coke, kept its refinery prices unchanged for June 2025. The roll over follows two successive price cuts in May’25, totaling INR 2,080/t, possibly leaving little room for further downward revisions amid already weak market sentiment.

At the Koyali Refinery, the price for road supplies remains at INR 10,880/t, while rake supplies continue at INR 10,680/t both unchanged from May. Panipat’s price for general states has also been held steady at INR 11,810/t.

In eastern India, Paradip’s road supply price remains at INR 11,190/t, with rake prices unchanged at INR 9,900/t. Similarly, at Haldia, road and rake supply prices have been maintained at INR 10,270/t and INR 10,070/t, respectively.

Export prices to Nepal and Bhutan were also rolled over this month. Panipat’s export price remained at INR 11,810/t at par with domestic rates while Paradip and Haldia export prices continued at INR 11,400/t and INR 11,270/t, respectively. Export tags from Paradip and Haldia continue to hold a premium of INR 1,300/t and INR 1,000/t, respectively, over domestic prices. Notably, rake and road export prices are aligned at these ports.

Price analysis

IOC’s decision to maintain pet coke prices in June comes after aggressive price reductions in early and mid-May. Despite Nayara Energy cutting prices by INR 690/t this month, IOC opted for a roll-over, likely due to already competitive rates. Panipat continues to offer the same price for both northern and general states, while the rake-road differential remains consistent at INR 200/t across Koyali, Paradip, and Haldia.

IOC’s pricing remains lower than Nayara Energy across all its refineries, with the widest gap observed at Paradip (INR 3,070/t) and the narrowest at Panipat (INR 1,360/t).