- IOCL stabilised prices after steep December correction
- Private refiners raised prices cautiously amid demand expectations
IOCL maintains prices across refineries after sharp December correction
Indian Oil Corporation (IOCL), the country’s second-largest petcoke producer, rolled over petcoke prices across all its refineries for January 2026, signalling a pause after the steep cuts implemented in December.
At Koyali, IOCL maintained road supply prices at INR 12,380/t, unchanged m-o-m, while rake prices were held at INR 12,180/t.
At Panipat, petcoke prices were also rolled over at INR 13,660/t, with no revision for northern states or general supplies.
At Paradip, road supply prices were retained at INR 11,710/t, while rake supplies remained at INR 11,510/t, unchanged from the second revision announced in December.
Similarly, at Haldia, IOCL rolled over prices at INR 11,880/t for road supply and INR 11,680/t for rake supply.
The rake prices at Koyali, Paradip, and Haldia continued to remain INR 200/t lower than corresponding road prices.
Nayara and CPCL raise prices in tandem
Nayara Energy revised its petcoke price upward by INR 400/t for January, raising offers to INR 15,280/t, reflecting a 2.7% m-o-m increase. Compared with January last year, Nayara’s price was higher by 18.0%, and stood 7.4% above its 12-month average of INR 14,230/t.
Nayara’s pricing strength was supported by improved refinery operations after earlier production disruptions linked to reduced Russian crude intake. By November 2025, the refinery had restored throughput and operated at over 100% capacity, reaffirming its position as India’s largest single-refinery petcoke supplier. With RIL absent from merchant sales since Apr’25, Nayara continued to enjoy relative pricing power.
Chennai Petroleum Corporation Ltd (CPCL) increased its petcoke price to INR 15,000/t, up INR 390/t from December’s INR 14,610/t. The move closely mirrored Nayara’s increase, continuing a pattern seen since Aug’25 where both refiners adjusted prices within a narrow band. CPCL’s January price remained INR 280/t lower than Nayara, marginally wider than the INR 270/t gap seen last month. CPCL’s average production and dispatch stood at 40-45 kt/month, with sales concentrated in Tamil Nadu and Andhra Pradesh.
BPCL hikes selectively; MRPL rolls over
Bharat Petroleum Corporation Ltd (BPCL) implemented moderate increases across its refineries.
At Bina, the rake supply price rose by INR 184/t to INR 15,257/t, while road supply prices remained INR 50/t lower. Availability at Bina was estimated at 20-25 kt for the month, with a significant portion consumed internally at its captive power plant.
At Kochi, BPCL raised rake prices sharply by INR 443/t to INR 13,053/t. No road supplies were offered from Kochi, and monthly availability was expected at 80-85 kt.
In contrast, MRPL rolled over petcoke prices for January. Rake supply prices were retained at INR 11,740/t, inclusive of INR 70/t tarpaulin charges, while road supply prices remained unchanged at INR 13,170/t. Buyers lifting more than 2,500 t/month continued to receive a INR 1,500/t volume discount, effectively aligning road prices with rake levels (excluding tarpaulin charges). MRPL’s January price was 17.6% higher y-o-y, but continued to trade at a steep discount to Nayara and CPCL.
Market overview
January pricing highlighted diverging refinery strategies. IOCL’s rollover indicated an effort to stabilise volumes after aggressive December corrections, while private refiners tested higher prices amid expectations of stronger Q4 demand. With RIL fully consuming its production internally, market dynamics remained shaped by IOCL-Nayara pricing spreads and selective buyer response.
Outlook
While higher prices from private refiners may find partial support from cement demand recovery, we expect IOCL’s competitive pricing and MRPL’s discounts are likely to cap further upside unless consumption accelerates meaningfully.
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