India: Refiners extend pet coke price hikes for Oct’25 amid tight supply

• IOCL, Nayara, BPCL, MRPL and CPCL revise prices higher
• Supply constraints persist, cement sector demand steady

Indian refiners announced another round of pet coke price hikes for October 2025, continuing the firm trend seen in previous months. Market tightness persists with RIL remaining inactive, keeping supply largely dependent on other refiners.

IOCL leads with region-wise hikes

IOCL raised pet coke prices effective 9 October 2025. Koyali prices increased by INR 600/t to INR 13,480/t for road and INR 13,280/t for rake supplies. Panipat rose sharply by INR 750/t to INR 14,560/t. At Paradip and Haldia, prices increased by INR 380/t each, taking road supplies to INR 12,190/t and INR 12,360/t, respectively. Export prices to Nepal and Bhutan also rose in line with domestic revisions.

BPCL follows with moderate increases

BPCL revised its Bina refinery price by INR 573/t to INR 14,749/t for rail supplies, while road supplies remained INR 50/t lower. At Kochi, rail supply prices were lifted by INR 467/t to INR 12,547/t. Bina’s availability improved post-maintenance, while Kochi output remained stable near 80-85 kt.

MRPL and CPCL align closely with Nayara

MRPL increased rake and road supply prices by INR 550/t each to INR 11,770/t and INR 12,720/t, respectively. Buyers lifting over 2,500 t/month continue to receive a volume discount of INR 1,500/t. CPCL raised prices by INR 560/t to INR 14,560/t, maintaining its narrow gap with Nayara’s pricing.

Nayara sustains upward momentum

Nayara Energy revised its refinery gate price by INR 580/t to INR 14,870/t, extending the uptrend seen over the last two months. Reduced production due to crude sourcing constraints has tightened availability, strengthening its pricing position in the merchant market.

Market scenario

October price hikes ranged from INR 380-750/t across refiners, led by IOCL and Nayara. Persistent supply constraints and steady cement sector demand have underpinned the firm trend. With refinery availability improving only gradually, refiners are likely to retain pricing power in the coming months despite muted industrial activity.