India: Nayara raises pet coke offers for Aug’26; BPCL’s prices show mixed trends

• Tight supply, higher global energy costs prompt Nayara’s price hike
• BPCL cuts Bina road prices by INR 500/t, raises Kochi by INR 1,000/t

Nayara Energy has raised pet coke prices by INR 440/t m-o-m to INR 18,090/t for August. Nayara’s moderate increase follows the sharp correction seen in July and reflects renewed firmness in international energy markets after geopolitical uncertainties resurfaced. Although prices have eased from the highs witnessed during the US-Iran conflict, domestic petcoke values remain significantly above year-ago levels, supported by elevated replacement costs and tighter merchant availability following reduced market supplies from other refiners.

BPCL’s prices show mixed trends

Meanwhile, Bharat Petroleum Corporation Limited (BPCL) announced mixed revisions to its petcoke prices effective 1 August 2026, reflecting differing regional market dynamics. At its Bina refinery, BPCL reduced the road dispatch price by INR 500/t m-o-m to INR 18,000/t, while the rail price remained unchanged at INR 18,000/t. In contrast, Kochi refinery increased its rail price by INR 1,000/t to INR 18,000/t, bringing both BPCL refineries to the same price level for August.

Despite the m-o-m correction, BPCL Bina’s price remains around 32% higher than the corresponding month last year, highlighting the elevated domestic petcoke pricing environment. Kochi’s revised price is nearly 58% above August 2025 levels.

Market participants attributed the divergence to refinery-specific supply conditions and regional marketing strategies. Bina continues to have relatively limited merchant availability of around 20,000-25,000 t per month as a significant portion of production is consumed internally in its captive power plant. Kochi, by comparison, has monthly availability of around 75,000-80,000 t, supporting wider merchant sales.

Imported pet coke prices rise $4/t m-o-m in Jul’26

BigMint’s imported petcoke assessment increased by $4/t during July, rising from $138/t CFR west coast India at the beginning of the month to $142/t CFR by month-end. The increase was primarily driven by higher freight costs, geopolitical uncertainty in the Middle East, and firmer international energy markets, although Indian cement producers largely refrained from accepting higher offers.

Overall, August pricing suggests that India’s domestic petcoke market remains firm, with refinery-specific supply fundamentals continuing to outweigh broader demand conditions.