- IOCL raises prices by INR 970/t across refineries
- MRPL and Nayara also increase prices
India’s domestic petcoke market continued its upward movement in September, with IOCL, Nayara Energy and MRPL raising prices, while BPCL kept prices unchanged. IOCL increased prices by INR 970/t across all refineries, following an INR 820/t increase in August. Nayara Energy raised prices by INR 690/t, while MRPL increased prices by INR 680/t. Firm international prices, elevated freight and marine insurance costs continued to support domestic replacement costs.
IOCL leads September increase
Indian Oil Corporation (IOCL), the second-largest petcoke producer and a market leader in domestic sales, increased its petcoke prices by INR 970/t across all four refineries effective 10 September.
Road prices increased to INR 17,210/t at Koyali, INR 18,470/t at Panipat, INR 16,220/t at Paradip and INR 16,340/t at Haldia. The increase represented around 5.6% m-o-m across the refineries.
Rake prices remained INR 200/t below road prices at Koyali, Paradip and Haldia, while Panipat has no rake loading facility.
The latest increase followed an INR 820/t increase in August, marking the second consecutive monthly increase after reductions in June and July. The continued upward movement indicates that international market conditions have again strengthened, with higher freight and marine insurance costs adding to replacement costs.
At Panipat, the price for northern states and the general price remained unchanged relative to each other.
IOCL-Nayara differential narrows
IOCL’s prices remained below Nayara Energy across all comparable locations, although the differential narrowed during September.
At Koyali, IOCL’s price was INR 1,570/t below Nayara, compared with INR 1,850/t in August. The differential at Panipat narrowed to INR 310/t from INR 590/t, while at Paradip it reduced to INR 2,560/t from INR 2,840/t. At Haldia, the gap narrowed to INR 2,440/t from INR 2,720/t.
Paradip continued to show the widest differential. The gap remains below the maximum INR 4,070/t recorded in June. Prevailing regional marketing conditions, including road freight and local supply-demand dynamics, continued to influence the difference.
MRPL prices rise amid restricted availability
MRPL increased its petcoke prices by INR 680/t for both rake and road supplies effective 1 September. The rake price increased to INR 15,370/t, including INR 70/t tarpaulin charges, while the road price rose to INR 17,300/t.
The increase was broadly in line with Nayara Energy’s INR 690/t revision. MRPL’s current prices are around 4.6% higher m-o-m.
Availability remained restricted following the refinery’s maintenance shutdown in mid-August. The refinery is expected to resume operations in the coming week, which could gradually improve petcoke availability.
The differential between MRPL’s rake price and Nayara’s price stood at INR 3,410/t in September, broadly similar to the previous month. MRPL’s road price was INR 1,480/t below Nayara.
Nayara continues upward price movement
Nayara Energy increased its petcoke price by INR 690/t to INR 18,780/t effective 1 September, representing a 3.8% m-o-m increase.
The increase followed an INR 440/t rise in August, marking another consecutive monthly increase. The September price remained 31.4% above the corresponding September 2025 price of INR 14,290/t.
Petcoke prices have remained volatile in recent months. Following sharp increases in April and May and subsequent corrections in June and July, prices again strengthened in August and September. The latest movement was attributed to renewed uncertainty in the international market, alongside elevated freight and marine insurance costs.
RIL’s petcoke is no longer released into the market, as its production is consumed in its gasification unit. This has reduced local availability around the refinery and allowed Nayara to maintain a premium over historical RIL pricing.
BPCL holds prices unchanged
BPCL kept petcoke prices unchanged at both producing refineries in September.
At Bina, the road price remained at INR 18,000/t, while the rake price was also reported at INR 18,000/t. At Kochi, the rail price remained at INR 18,000/t, with no road supply.
The unchanged prices contrasted with Nayara’s INR 690/t increase. Bina’s September price remained 27% above the corresponding year-ago level, while Kochi’s price was 49% higher.
Bina’s available petcoke volume remained around 20,000-25,000 t/month, with a significant portion consumed by its captive power plant. Kochi availability was higher at around 75,000-80,000 t/month.
Overall, September pricing continued to show a firm domestic petcoke market, with three major refiners raising prices while BPCL rolled over its prices. International market volatility, freight and insurance costs remain important factors for replacement costs, while refinery-specific availability and regional marketing conditions continue to drive price differentials.
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