Indian Oil Corporation delivered exceptional Q4 2025-2026 results, achieving highest ever total sales volume of 105.117 MMT with 5% growth compared to 100.292 MMT in financial year 2025. The company's refineries achieved record crude throughput of 75.5 million metric ton with 107.4% capacity utilization, significantly higher than 71.6 MMT throughput and 101.9% capacity utilization in the previous year. During Q4 2025-2026 specifically, refinery throughput reached 19.7 MMT with 113.9% capacity utilization, compared to 19.4 MMT and 109.7% capacity utilization in Q3 of financial year 2025-2026. The company also commissioned 2,597 retail outlets during 2025-2026, taking the total to 42,818.
The Government has assured citizens that adequate stocks of petrol, diesel and LPG are available across the country amid the evolving geopolitical situation in West Asia. During an inter-ministerial media briefing, officials confirmed that all retail fuel outlets across the country were functioning normally with no shortage of petroleum products. To shield consumers from rising global crude prices triggered by the Middle East crisis, the Government has reduced excise duty on petrol and diesel by ₹10 per litre and lowered export levies on diesel and aviation turbine fuel (ATF). The Ministry of Petroleum and Natural Gas stated that 100% supply is being maintained for domestic LPG, domestic PNG and transport CNG consumers despite the geopolitical situation, with no dry-outs reported at LPG distributorships across the country.
All refineries across India continue to operate at high capacity with adequate crude inventories, maintaining sufficient stocks of petrol and diesel to meet market demand. The average price of crude in the Indian basket increased from $63.87 per barrel to $83.01 per barrel during Q4 2025-2026, representing a 30% increase from the immediately preceding quarter due to ongoing U.S.-Iran conflict leading to supply disruptions. As per company management, crude oil inventory is still being maintained for over a month, while LPG inventory has come down but is being managed to ensure enough LPG availability pan-India basis. The Government has urged citizens to avoid panic buying and advised people to rely only on official information while remaining cautious of rumours and misinformation on social media.
Indian Oil is executing three major refinery expansion programs with significant progress across Panipat, Barauni, and Gujarat facilities. Barauni refinery expansion from 6 MMTPA to 9 MMTPA is expected to be completed by August 2026, with approved cost of ₹18,000 crore and ₹13,000 crore already spent. The Panipat refinery expansion is targeted for completion by December 2026, while the Gujarat refinery expansion is scheduled for November 2026. These expansions are part of the company's budgeted CapEx target of ₹32,700 crore for 2026-2027, aligned with long-term strategic roadmap and national energy priorities.
The petrochemicals segment achieved highest ever sales of 3.396 MMT for 2025-2026, up from 3.236 MMT in financial year 2025, with Q4 2025-2026 sales of 0.901 MMT. The lube business recorded record sales of 905 TMT during the year, reflecting 16% growth. In gas operations, total gas sales reached 7,276 TMT for 2025-2026, including CGD sales of 188 TMT, compared to 6,892 TMT including 113 TMT CGD sales in 2024-2025. Notably, Indian Oil commenced India's first-ever export of liquefied natural gas (LNG) by road to Nepal, establishing cryogenic storage and regasification facilities at Simara, Nepal. The company also achieved ethanol blending percentage of 19.97% on all India basis up to March 2026.
