India: IOCL announces 2nd pet coke price cut in May’25

• Koyali Refinery sees price cut of INR 1,080/t
• Rates at Panipat, Haldia reduced by INR 1,090/t

Indian Oil Corporation (IOC), the second-largest producer and leading seller of pet coke in the domestic market, announced a second price cut for May, effective from 10 May 2025. The reduction followed an earlier cut of INR 1,000/t on 4 May and reflects continued pressure from weak demand and rising inventories across its refineries.

At the Koyali Refinery, prices for road supply were reduced to INR 10,880/t, down by INR 1,080/t from the previous level of INR 11,960/t. Rake supply prices at Koyali were revised to INR 10,680/t, also showing a reduction of INR 1,080/t from the earlier INR 11,760/t.

Panipat Refinery’s rates for general states were brought down by INR 1,090/t to INR 11,810/t from INR 12,900/t. At Paradip, road supply prices dropped to INR 11,190/t from INR 12,190/t, while rake prices fell to INR 9,900/t from INR 11,190/t – both showing a cut of INR 1,090/t. Haldia’s revised road rate stood at INR 10,270/t, against INR 11,360/t, and rake supply was at INR 10,070/t compared to INR 11,160/t earlier – again, a fall of INR 1,090/t.

Export prices to Nepal and Bhutan were revised downwards as well. Panipat’s export prices were reduced to INR 11,810/t, in line with its domestic rates. Paradip’s export prices were cut to INR 11,400/t from INR 12,490/t, and Haldia’s to INR 11,270/t from INR 12,360/t. Export prices from Paradip and Haldia remained higher than domestic tags by INR 1,300/t and INR 1,000/t, respectively, but rates for road and rake supplies were kept the same.

Rake prices across Koyali, Paradip, and Haldia continued to be lower than road tags by INR 200/t.

This latest revision widened the price gap between IOC and Nayara Energy Ltd, with IOC’s rates now lower across all refineries. The maximum differential was observed at Paradip at INR 3,760/t and the lowest at Panipat at INR 2,050/t – possibly the highest disparity between IOC and private refiners in recent years.

In the previous month, IOC and Nayara had rolled over their prices, while Reliance Industries did not declare its pricing.