- IOCL cuts sharply while all other refiners implement modest increases
- Divergent refinery pricing reflects differing supply conditions and demand signals
Indian refiners varied their pet coke offers significantly for the month of December, reflecting refinery-specific supply conditions and regional demand patterns. IOCL implemented steep reductions of INR 480-900/t across its refineries, marking the sharpest cuts in recent months. In contrast, Nayara, CPCL, MRPL, and BPCL raised prices slightly-by 0.2-4%, on the back of strong regional demand. The split highlights tightening fundamentals for some refiners while IOCL adjusts aggressively to market dynamics.
IOCL implements steep reductions across all refineries
Indian Oil Corporation (IOCL) – India’s largest seller of merchant pet coke – announced its deepest cuts of the year, varying across refineries:
- Koyali: Road supply reduced to INR 12,380/t from INR 13,280/t (-INR 900/t); rake supply reduced to INR 12,180/t from INR 13,080/t (-INR 900/t).
- Panipat: Revised to INR 13,660/t, down from INR 14,360/t (-INR 700/t).
- Paradip: Road supply cut to INR 11,510/t (-INR 480/t); rake to INR 11,310/t (-INR 480/t).
- Haldia: Road supply lowered to INR 11,680/t (-INR 480/t); rake to INR 11,480/t (-INR 480/t).
IOCL’s cuts ranged between INR 480-900/t, far deeper than last month’s uniform INR 200/t reduction. Price differentials with Nayara further widened: the largest gap is now INR 3,370/t at Paradip, while the narrowest remains at Panipat at INR 1,220/t.
Nayara raises price slightly despite tighter output
Nayara Energy increased its pet coke price marginally to INR 14,880/t (up INR 60/t, +0.4%).
Production remained constrained by 25-30% lower output due to reduced Russian crude intake following US sanctions on Rosneft-linked entities. Nayara continued as India’s largest merchant supplier, with RIL not offering pet coke in the market since Apr’25.
Compared with last year’s same month, Nayara’s price was 16.9% higher, and 5.2% above its 12-month average.
CPCL moves prices up modestly
Chennai Petroleum Corporation Ltd (CPCL) raised prices to INR 14,610/t, an increase of INR 80/t, mirroring Nayara’s moderate adjustment.
With stable monthly output of 40-45 kt, CPCL’s price remained INR 270/t lower than Nayara and INR 2,870/t higher than MRPL.
Historically, CPCL tracks Nayara closely, and the Dec’25 revision continued this trend.
MRPL increases prices by INR 300/t after last month’s sharp cut
MRPL raised its rake supply price to INR 11,740/t (including INR 70 tarpaulin charge), up INR 300/t.
Road supply increased by the same margin to INR 13,170/t, though buyers lifting >2,500 t/month receive a INR 1,500/t discount, bringing the effective price near rake levels.
MRPL’s price was 20.4% higher y-o-y, but still significantly lower than CPCL and Nayara.
BPCL implements small upward adjustments
- Bina: Up INR 27/t to INR 15,073/t for rake. Road price remained INR 50/t lower.
- Kochi: Up INR 73/t to INR 12,610/t. No road dispatches.
Bina’s availability was ~20-25 kt, while Kochi maintained 80-85 kt/month.
Market overview
December’s pricing actions reflected a second month of recalibration in the domestic pet coke market:
- IOCL’s steep cuts pulled domestic benchmarks sharply lower.
- Nayara and CPCL followed with mild increases, maintaining regional competitiveness.
- MRPL’s hike partially corrected last month’s deep cut.
- BPCL adjusted marginally, signaling stable refinery-side fundamentals.
Overall, domestic pricing realigned with softer demand, improved refinery availability, and continued absence of RIL from merchant sales.
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