- Nayara trims price by INR 50/t amid stable fundamentals
- IOCL implements uniform INR 200/t cut across refineries
Indian refiners reduced pet coke prices by INR 30-400/t for November 2025 after four consecutive months of hikes, marking the first downward revision since June. This comes amid improved supply dynamics and softening demand.
IOCL implements uniform INR 200/t cut across refineries
Indian Oil Corporation Ltd (IOCL) decreased pet coke prices by INR 200/t across all its refineries, effective 8-11 November. Koyali prices were revised to INR 13,280/t for road and INR 13,080/t for rake supplies, down from INR 13,480/t and INR 13,280/t, respectively. Panipat prices were reduced to INR 14,360/t from INR 14,560/t, while Paradip and Haldia refineries saw similar INR 200/t declines to INR 11,990/t and INR 12,160/t for road deliveries. Export prices to Nepal and Bhutan were also revised lower by the same margin, maintaining parity with domestic levels.
IOCL’s prices remained below Nayara Energy across all refineries, with the widest gap of INR 2,830/t at Paradip and the narrowest at INR 460/t at Panipat.
BPCL’s prices show mixed trends: Bina up, Kochi steady
BPCL revised its Bina refinery price upwards by INR 297/t to INR 15,046/t for rail supply, while Kochi saw a marginal decline of INR 11/t to INR 12,536/t. The contrast reflects region-specific market dynamics, with Bina’s inland freight costs and limited merchant availability sustaining higher realisations, while Kochi’s pricing eased slightly amid normalised output of 80,000-85,000 t for the month.
Considering January-November average prices, Bina’s rate remained higher than Nayara’s by INR 226/t, while Kochi remained lower by INR 2,284/t.
MRPL cuts tags by deeper INR 400/t amid lower offtake
Mangalore Refinery and Petrochemicals Ltd (MRPL) implemented a sharper price cut of INR 400/t to INR 11,370/t for rake supplies and INR 12,870/t for road supplies. The move reflects softer offtake from cement buyers and balanced stock positions. Customers lifting over 2,500 t/month continue to receive a volume discount of INR 1,500/t, aligning effective road prices with rake levels.
Despite the reduction, MRPL’s prices remain lower than Nayara by INR 3,380/t, continuing its historical trend of maintaining a 20-21% discount against leading refiners.
Nayara trims price marginally by INR 50/t amid stable fundamentals
Nayara Energy reduced its refinery gate price by INR 50/t m-o-m to INR 14,820/t. This marks a minor correction following four months of steady hikes. The company continues to face constrained pet coke output — down by nearly 25-30% owing to reduced Russian crude availability post-US sanctions on Rosneft-linked entities. Nonetheless, Nayara remains the largest merchant supplier as RIL continues to divert all production towards internal gasification use.
CPCL cuts prices slightly, mirroring Nayara’s moderation
Chennai Petroleum Corporation Ltd (CPCL) revised its pet coke price marginally lower by INR 30/t to INR 14,530/t. With output steady around 40,000-45,000 t/month, CPCL’s pricing trend continues to closely align with Nayara, narrowing the differential to INR 290/t in November from INR 310/t in October.
Compared with MRPL, CPCL’s price remains higher by INR 3,160/t this month, consistent with historical averages.
Market overview
The November round of price revisions signals a shift in sentiment after months of refinery-led price escalation. The INR 200/t reduction by IOCL, INR 400/t cut by MRPL, and minor trims by CPCL and Nayara indicate easing supply tightness and a slight pullback in end-user demand, particularly from cement and captive power consumers. Despite softer sentiment, refiners are expected to retain moderate pricing strength going forward, supported by balanced stock levels and RIL’s limited market participation.
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