India: Domestic refiners raise pet coke prices sharply m-o-m in Sep’25

• IOC leads September hikes with steep INR 1,030/t increase at refineries.
• BPCL, MRPL follow with moderate hikes; Reliance absence sustains supply tightness.

Major Indian refiners announced another round of hikes for September 2025, extending the firm pricing trend seen in August. With Reliance continuing to divert output for internal use, the market remains reliant on IOC, BPCL, MRPL, CPCL, and Nayara.

IOC revises sharply higher

IOC raised prices w.e.f. 3 September, marking one of the steepest hikes this year. Koyali road supplies rose INR 1,030/t m-o-m to INR 12,880/t, with rake rates at INR 12,680/t. Panipat revised to INR 13,810/t, also up INR 1,030/t. Paradip and Haldia saw hikes of INR 730/t, taking road supplies to INR 11,810/t and INR 11,980/t, respectively. Export prices to Nepal and Bhutan mirrored domestic hikes, remaining INR 990–1,290/t higher than local rates at Paradip and Haldia.

BPCL lifts rates at both refineries

BPCL raised Bina rake supply prices by INR 541/t to INR 14,176/t, while road supplies stayed INR 50/t lower. Kochi prices increased by INR 657/t to INR 12,080/t for rake supply. Availability continues to be impacted: Bina is limited to ~15 kt in Sep’25 due to extended maintenance, while Kochi output dropped to 55–60 kt from a typical 85–90 kt.

MRPL announces uniform hikes

MRPL increased road and rake prices by INR 530/t each, taking rake supply to INR 11,220/t and road supply to INR 12,720/t. A volume-linked discount ensures that buyers lifting over 2,500 t/month by road pay the same effective rate as rake customers. Prices are now 5% higher m-o-m and over 8% higher y-o-y.

CPCL and Nayara raise in tandem

CPCL lifted prices by INR 560/t to INR 14,000/t, matching Nayara Energy’s increase. Nayara revised to INR 14,290/t, marking a 4.1% monthly rise and a 9.4% jump y-o-y. With Reliance absent since April, Nayara remains India’s largest single-refinery supplier, though crude sourcing challenges tied to US sanctions on Russia have trimmed its output by ~30 kt/month.

Market commentary

September price hikes ranged from INR 530–1,030/t across refiners, with IOC leading. The wide variation reflects refinery-specific supply, demand, and inventory conditions. With Reliance out of the merchant market, the pricing power of Nayara and IOC remains decisive, while BPCL and CPCL continue to track competitive levels.