- IOCL reverses January rollover
- MRPL records sharpest increase
Indian refiners largely revised petcoke prices upward for February 2026, marking a broad-based firming across public and private sector players. The increases followed January’s mixed strategy, when IOCL had rolled over prices while others had raised offers. Imported pet coke price indications from US have shown an upward trend since Dec’25. Prices have risen by $5 so far in Feb’26. Higher freight costs and supported demand have pushed offers high.
IOCL increases across all refineries
Indian Oil Corporation revised prices effective 7 February.
- At Koyali, road supply prices rose by INR 300/t to INR 12,680/t, while rake prices increased to INR 12,480/t from INR 12,180/t.
- At Panipat, prices were raised by INR 290/t to INR 13,950/t. There is no rake facility at this refinery.
- At Paradip, road prices increased by INR 290/t to INR 12,000/t, and rake prices moved up to INR 11,800/t.
- At Haldia, road prices were revised to INR 12,170/t and rake prices to INR 11,970/t, both up by INR 290/t.
The rake differential of INR 200/t below road prices continued at Koyali, Paradip and Haldia.
IOCL’s price gap versus Nayara remained negative across all locations. The differential narrowed month-on-month, with the highest gap at Paradip at INR 3,370/t and the lowest at Panipat at INR 1,420/t.
Nayara raises marginally; CPCL follows cautiously
Nayara Energy increased its February price by INR 90/t to INR 15,370/t.
CPCL revised its price marginally upward by INR 60/t to INR 15,060/t. CPCL’s price remained INR 310/t lower than Nayara in February. Dispatches continued at around 40-45 kt per month, primarily through road supplies.
MRPL posts strongest hike
MRPL raised rake prices by INR 440/t to INR 12,180/t, including INR 70/t tarpaulin charges. Road prices increased to INR 13,610/t.
Customers lifting more than 2,500 t per month by road remained eligible for a INR 1,500/t discount, effectively aligning road prices with rake levels excluding tarpaulin charges.
MRPL’s price continued to trade at a significant discount to Nayara, though the gap narrowed from January.
BPCL increases selectively
At Bina, BPCL increased rake prices by INR 343/t to INR 15,600/t. Road prices remained INR 50/t lower than rake levels. Availability was estimated at 20-25 kt.
At Kochi, rake prices rose modestly by INR 59/t to INR 13,112/t. Monthly availability was expected at 80-85 kt.
Market overview
February pricing reflected a coordinated upward revision across refiners. IOCL reversed its January pause, MRPL implemented the steepest hike, while Nayara and CPCL moved cautiously. With RIL continuing full captive consumption and not declaring prices, competitive positioning remains primarily shaped by IOCL-Nayara spreads and regional demand dynamics.
Outlook
Price firmness is likely to persist in the near term, supported by tighter merchant availability and steady cement-sector demand. However, the wide inter-refinery price differentials may influence regional buying patterns and limit aggressive upside.
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