- Indian refiners raise petcoke prices sharply in Mar’26 amid tight supply
- IOCL implements steepest hike of INR 1,210/t across all refineries
Indian refiners broadly increased petcoke prices for March 2026, reflecting strong domestic demand and tighter supply availability. The revision followed steady increases in February, with most refiners raising prices again in March amid firm market sentiment. RIL continued to consume its entire petcoke output captively and did not declare prices, keeping merchant availability tight.
Rising imported pet coke prices also supported the upward revision in domestic refinery prices. Offers for US-origin pet coke increased sharply by around $20–25/t w-o-w to $150–155/t CNF India amid ongoing geopolitical tensions in the Middle East, which disrupted supply chains and pushed freight costs higher. Meanwhile, no fresh offers were heard from Saudi Arabia as the conflict continued to affect cargo movements from the Gulf region. Separately, Mangalore Refinery and Petrochemicals Limited declared force majeure on gasoline export cargoes for March–April, highlighting operational disruptions in the broader refining sector.
IOCL raises prices sharply across refineries
Indian Oil Corporation (IOCL) revised petcoke prices effective 7 March 2026, recording the sharpest increase among domestic refiners.
At Koyali, road supply prices rose by INR 1,210/t to INR 13,890/t, while rake prices increased to INR 13,690/t from INR 12,480/t.
At Panipat, prices increased by INR 1,210/t to INR 15,160/t. The refinery continues to supply only through road dispatches.
At Paradip, road prices increased by INR 1,210/t to INR 13,210/t, while rake prices rose to INR 13,010/t.
At Haldia, road prices were revised to INR 13,380/t, and rake prices increased to INR 13,180/t, both up by INR 1,210/t.
The rake discount of INR 200/t below road prices continued across Koyali, Paradip and Haldia. IOCL prices remained lower than Nayara Energy (NEL) across all locations, although the negative differential narrowed by INR 540/t month-on-month.
Nayara and MRPL follow with firm revisions
Nayara Energy increased its petcoke price to INR 16,040/t, up by INR 670/t m-o-m, marking the highest level seen in nearly two years.
MRPL also revised prices upward effective 1 March 2026. Rake supply prices increased by INR 730/t to INR 12,910/t, including INR 70/t tarpaulin charges. Road prices rose to INR 14,640/t, with a INR 1,500/t discount applicable for customers lifting more than 2,500 t per month, effectively aligning road and rake levels.
Despite the increase, MRPL prices remained at a discount of around INR 3,130/t compared with Nayara, although the gap narrowed slightly from February.
BPCL revises prices selectively
BPCL revised prices at its Bina and Kochi refineries with mixed increases.
At Bina, rake prices increased by INR 175/t to INR 15,775/t, while road prices remained INR 50/t lower than rake levels.
At Kochi, rake prices rose by INR 652/t to INR 13,764/t. There is no road dispatch facility at this refinery.
Availability at Bina was estimated at around 20-25 kt, while Kochi refinery supply remained steady at around 80-85 kt per month.
Market overview
March pricing indicated a strong upward revision across refiners. IOCL implemented the steepest increase of INR 1,210/t, while Nayara and MRPL also raised prices sharply. BPCL followed with selective adjustments.
With RIL continuing full captive consumption, merchant availability remained limited, supporting higher price levels across the market.
Outlook
Petcoke prices are expected to remain firm in the near term, supported by tight domestic supply and steady cement-sector demand. However, wide price differentials between refiners and competition from alternative fuels such as imported coal may influence regional buying patterns.
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