- MRPL raises prices despite maintenance-related supply restrictions
- BPCL keeps prices unchanged despite higher competitor realisations
Indian refinery petcoke prices showed a mixed trend in September 2026, with MRPL and Nayara Energy raising prices while BPCL kept its Bina and Kochi prices unchanged. MRPL increased its rail and road prices by INR 680/t, while Nayara raised its price by INR 690/t. The increases reflected firmer market conditions and restricted availability, particularly at MRPL following its maintenance shutdown. In contrast, BPCL retained prices at INR 18,000/t, leaving its Bina and Kochi grades below Nayara but at different relative positions to MRPL.
Nayara lifts Sep offers
Nayara Energy raised its September petcoke price by INR 690/t to INR 18,780/t, compared with INR 18,090/t in August. The increase represented 3.8% m-o-m, following an INR 440/t rise in August.
The September price remained 31.4% higher than INR 14,290/t in the same month last year, showing that refinery petcoke values remained substantially above year-ago levels.
Nayara’s September price stayed well above MRPL’s. The differential was INR 3,410/t, or around 18.2% of Nayara’s price, against a difference of INR 3,400/t in August. For road-supplied MRPL petcoke, the gap narrowed to INR 1,480/t, equivalent to around 7.9% of Nayara’s price.
The sustained premium reflects the changing regional supply balance. Reliance Industries had stopped releasing petcoke into the market from April 2025 as its production was being consumed in its gasification unit, reducing local availability and supporting Nayara’s higher realisation.
MRPL raises prices amid limited availability
MRPL revised its September petcoke price to INR 15,370/t for rake supplies, up INR 680/t from INR 14,690/t in August. The rake price included INR 70/t of tarpaulin charges. Its road price increased to INR 17,300/t from INR 16,620/t.
The September increase stood at 4.6% m-o-m, while the rail price was 36.1% higher than INR 11,290/t recorded in September 2025.
MRPL’s supply remains constrained after the refinery entered a maintenance shutdown in mid-August. The refinery is expected to resume operations in the following week, but availability is expected to remain restricted until then, providing additional support to prices.
The gap between MRPL’s road and rake prices remains INR 2,000/t, excluding the INR 70/t tarpaulin charge. However, customers lifting more than 2,500 t by road in a month are eligible for an INR 2,000/t discount. Rail remains the dominant supply route.
BPCL holds prices despite higher market levels
BPCL retained its petcoke prices at both producing refineries in September. At Bina, the road-supplied petcoke price remained unchanged at INR 18,000/t, while the rake price was also INR 18,000/t. At Kochi, the rail-supplied petcoke price was also rolled over at INR 18,000/t, with no road supply available.
BPCL’s rollover came despite Nayara Energy raising its price by INR 690/t in September. Bina’s September price was 27% higher than the same month last year, while Kochi’s price was 49% higher.
Availability at Bina was estimated at around 20,000-25,000 t for September, with most production consumed by its captive power plant. Kochi availability was around 75,000-80,000 t/month.
Price gap highlights changing refinery dynamics
In September, both Bina and Kochi were INR 780/t below Nayara’s INR 18,780/t price. This compared with a gap of only INR 90/t in August, showing a significant widening in BPCL-Nayara price differentials.
The latest pricing also highlighted the changing relationship between refinery locations. Bina, despite being landlocked and normally facing a notional freight disadvantage, has historically moved above or below Nayara depending on market conditions. Its September rollover, while Nayara and MRPL increased prices, has, therefore, widened the gap considerably.
Overall, September pricing indicated a firm refinery petcoke market, but pricing strategies differed sharply. MRPL and Nayara increased prices amid tighter market conditions, while BPCL prioritised price stability. Restricted MRPL availability could provide further support in the short term, while BPCL’s unchanged prices could make its material comparatively attractive to buyers where availability and logistics allowed.
Imported petcoke price trend
US-origin 6.5% sulphur petcoke, CNF Vizag, increased steadily during the June-August period, averaging $137/t in June, $140/t in July, and $147/t in August 2026. The m-o-m increase was $3/t in July and $7/t in August, indicating a faster rise in August. The increase was supported by firmer international petcoke prices, higher replacement costs, and tighter availability. The sharper August movement also reflected stronger crude and freight-related cost pressures, while uncertainty in the West Asia region continued to influence international energy markets.
Petcoke production and consumption
India’s petcoke production declined 4.3% y-o-y to 1.18 mnt in July 2026, from 1.23 mnt, while consumption fell 3.6% to 1.66 mnt from 1.72 mnt. Cumulative production during April-July fell 11.5% to 4.23 mnt, while consumption stood at 5.45 mnt. Production was affected by refinery product-mix optimisation, crude sourcing and logistics disruptions, while consumption weakened due to monsoon-related demand. Higher petcoke prices also encouraged some users to switch towards coal where technically feasible. Domestic production covered around 71% of July consumption, keeping imports important to bridge the supply gap.
Cement production and demand
India’s cement production increased 13.1% y-o-y to 42.3 mnt in July 2026, while April-July production rose 9.9% to 172.6 mnt. FY’26 volumes had increased 8.6% y-o-y. However, average domestic cement prices moderated by around 2% m-o-m to INR 345/bag in July, while April-July prices declined around 2% y-o-y to INR 350/bag. Higher input costs, particularly petcoke and diesel, are expected to pressure operating margins by 1.5-2.5% in FY’27. ICRA expects cement volume growth to moderate to 6-7% in FY’27, mainly due to the higher base and softer expected GDP growth.
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