IOC

Adds details and background from paragraph 3

May 23 (Reuters) - Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month, dealers said on Saturday, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.

Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel prices will be raised 0.91 rupees to 92.49 rupees per litre, dealers said.

India, the world's third-largest importer and consumer of oil, was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.

The price of fuel has become roughly 5 rupees more expensive over the three price increases. The fuel price rise announced on May 15 was India's first in four years.

The companies are raising pump prices in a staggered manner, similar to the way they did in April 2022, when they increased retail prices after elections in some key states, including northern Uttar Pradesh.

Opposition parties have said the government headed by Prime Minister Narendra Modi had postponed the current price increases to try to win votes in recent state elections.

Still, sources at refiners have said more price increases are needed to recoup the losses.

Bharat Petroleum BPCL.NS (BPCL) continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices, the refiner's chairman said earlier this week.

India's oil ministry has said the government has no plans to provide financial support for refiners.

BPCL, Indian Oil Corp IOC.NS and Hindustan Petroleum HPCL.NS together control more than 90% of a network of 103,000 fuel stations and tend to set prices in tandem.

($1 = 95.6900 Indian rupees)

(Reporting by Nidhi Verma in New Delhi and Chris Thomas in Mexico City; Editing by Tom Hogue)

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May 19 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP EXEC: FY27 CAPEX ESTIMATED AT 327 BILLION RUPEES

• INDIAN OIL CORP EXEC: HAVE DIVERSIFED LPG, CRUDE SOURCING

• INDIAN OIL CORP EXEC: REVENUE LOSS ON LPG RETAIL SALES IN MAY AT 617 RUPEES PER CYLINDER

• INDIAN OIL CORP EXEC: EXPECTS GLOBAL REFINING MARGINS TO REMAIN HIGH FOR 1-2 YRS DUE TO GEOPOLITICAL CRISIS

• INDIAN OIL CORP EXEC: DON'T SEE MAJOR EXPORTS OF FUELS BY IOC

• INDIAN OIL CORP EXEC: EXPECT FY27 REFINERY OUTPUT AT 85 MILLION T AT GROUP LEVEL

• INDIAN OIL CORP EXEC: DIVERSIFIED LNG IMPORTS FROM NIGERIA, OMAN, ANGOLA AND INDONESIA

• INDIAN OIL CORP EXEC: IOC OPERATING REFINERIES AT FULL CAPACITY

• INDIAN OIL CORP EXEC: HAVE CRUDE OIL INVENTORY OF OVER A MONTH

Further company coverage: IOC.NS

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LONDON, May 18 (Reuters) - West African crude oil differentials to dated brent were steady on Monday as traders digested a July loading programme for Angolan grades.

• Angola will load a total of 29 cargoes of crude oil in July, a trade source said citing a preliminary loading programme.

• About 12 of Angola's 35 June cargoes were still looking for buyers on Friday, a trader said at the end of last week.

• West African crude differentials have dropped sharply from record highs in the last couple of weeks, weighed down by narrower refining margins, refinery run cuts and China - normally a major buyer - selling cargoes, traders said.

• Fuel marketers in Nigeria have pushed back against a lawsuit by Dangote Petroleum Refinery seeking to invalidate import licences, warning the move could disrupt supply and competition in Africa’s largest oil market.

• The jury in the bribery trial of Diezani Alison-Madueke, Nigeria's former oil minister, began their deliberations on Monday after nearly four months at London's Southwark Crown Court.

• In East Africa news, South Sudan must not enter into any new oil prepayment contracts until it has cleared outstanding debts with commodity trading house BB Energy, London's high court ruled on Friday, pending another hearing on June 5.

(Reporting by Robert Harvey; Editing by Jonathan Ananda)

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Adds share prices of oil companies in paragraph 7

By Nidhi Verma and Chandini Monnappa

NEW DELHI, May 15 (Reuters) - India's state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.03) per litre, or more than 3%, according to dealers, to recoup some of the losses incurred due to higher global crude oil prices.

India - the world's third-biggest oil importer and consumer - is one of the last major economies to raise retail fuel prices following the disruption to shipping through the Strait of Hormuz by the war started by U.S.-Israeli attacks on Iran.

State-run Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS, which together control more than 90% of India's 103,000 fuel stations, tend to set diesel and petrol prices in tandem.

A BPCL spokesperson confirmed the price increase at its retail outlets. Indian Oil and HPCL did not immediately respond to a request for comment.

Diesel in Delhi will cost 90.67 rupees a litre and petrol 97.77 rupees, reflecting increases of 3.4% and 3.2%, respectively, from 87.67 rupees and 94.77 rupees a litre.

Global oil prices spiked to more than $120 a barrel, before pulling back to around $100 to $105. O/R

Shares of fuel retailers were down between 2.4% and 3.6% on Friday. Indian Oil Corp IOC.NS fell 2.4%, HPCL HPCL.NS dropped 3.3% and BPCL BPCL.NS was down 3.6% as of 0550 GMT.

The direct impact of the higher fuel prices would be muted at about 15 basis points on consumer price inflation, although the indirect impact will be larger, said Madhavi Arora, chief economist at Mumbai-based Emkay Global Financial Services EMKS.NS.

"The hikes are not enough but could be the start of multiple staggered hikes," she said.

FUEL AUSTERITY STEPS

To curb fuel consumption and rein in oil import bills, New Delhi has rolled out austerity measures as policymakers brace for a prolonged energy shock.

On Sunday, Prime Minister Narendra Modi urged a spate of measures including fuel conservation, work-from-home practices, and limits on travel and imports, as surging global energy prices put pressure on the country's foreign exchange reserves.

Some states have issued notices to government departments this week to restrict travel, avoid physical events and shift meetings online, while also asking them to work from home two days a week, with offices half-staffed.

India is likely to widen the measures to cover millions of employees across the federal government, state-run banks and public sector firms, signalling a system-wide tightening of expenditure and operations as financial risks mount.

The government did not respond to a Reuters email seeking comment.

PRICE INCREASE TO HIT DEMAND

Analysts say the increase is modest and leaves plenty of scope to raise prices further to compensate for revenue losses.

"India's petrol demand growth will be impacted, although the price hike is modest, but other fuel conservation steps such as work from home will dent demand growth," said Prashant Vashisth, vice president and co-head of corporate ratings at Moody's Indian arm, ICRA Ltd ICRA.NS.

ICRA has revised its growth rate for gasoline use to 3%-4% this year compared with 5%-6% before the war, due to the price increase. For gasoil or diesel, ICRA expects growth to be flat from an earlier estimate of 2%-3%.

Analysts and opposition parties said state retailers had delayed raising prices during key state elections. The polls ended this month, with Modi's BJP winning two of four states and expanding its influence.

Oil ministry official Sujata Sharma said in April that higher oil prices after the war started caused Indian retailers to lose about 100 rupees per litre on diesel and about 20 rupees a litre on petrol.

In late March, Russia-backed Indian private refiner Nayara Energy raised its pump prices to mitigate some of its revenue losses from retail sales.

($1 = 95.7625 Indian rupees)

(Reporting by Nidhi Verma, Chandini Monnappa, Ira Dugal, Sarita C Singh and Shivangi Acharya; Additional reporting by YP Rajesh; Editing by Muralikumar Anantharaman, Jamie Freed and Tom Hogue)

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LONDON, May 14 (Reuters) - West African crude differentials were little changed on Thursday, while an overhang remained in the market.

• West African crude differentials have fallen due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.

• Around 14 Angolan June crude cargoes were still unsold, a trader confirmed.

• July loading programmes are also set to emerge in the coming days.

• In the wider market, Angola aims to hold its oil output steady over the next year, its oil and minerals minister said at a conference in London.

• The Cabinda refinery in Angola is working at 30,000 bpd and another 30,000 bpd of capacity at the plant will be added later, the minister said, without specifying when. Construction of the Lobito refinery is about half complete and expected to be finished by 2029.

(Reporting by Seher Dareen; Editing by Vijay Kishore)

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LONDON, May 13 (Reuters) - West African crude differentials were little changed on Wednesday though traders continued to view a weak market pressured by low demand for cargoes.

• In the region of 14 Angolan June crude cargoes remain unsold, one trader said on Wednesday, with July loading programmes set to emerge in the coming days.

• West African crude differentials are trending lower due to a lack of demand and ongoing Chinese crude reselling, a trader said recently, offsetting healthy refinery profit margins.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, a trader said this week, a drop from record highs reached in the aftermath of the Iran war.

• Nigeria, which is Africa's biggest oil producer, has asked to join the International Energy Agency as an associate member, IEA executive director Fatih Birol said on Wednesday.

• Nigeria's petrol consumption rose in April, while domestic refining surged to near full capacity, led by strong output from the Dangote refinery, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed on Wednesday.

(Reporting by Robert Harvey; Editing by Kirsten Donovan)

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Adds details on price increase from government officials

By Neha Arora and Nikunj Ohri

NEW DELHI, May 12 (Reuters) - India will at some stage need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices, oil minister Hardeep Singh Puri said at an industry event on Tuesday.

Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in several major economies have held down pump prices to shield consumers from inflation.

A joint secretary in the oil ministry, Sujata Sharma, had earlier said that India had no plans to ​compensate oil marketing companies for these losses.

Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, Sharma said last month.

India is the world's third-largest oil importer and ​consumer, meeting more than 90% of its crude oil needs and about half of ⁠its natural gas demand through imports.

Indian state fuel retailers, including Indian Oil Corporation IOC.NS, Hindustan Petroleum HPCL.NS and Bharat Petroleum BPCL.NS, which account for most of the fuel sales in the country, have not raised gasoline and diesel ​prices since April 2022.

A senior government official separately told Reuters that compensating oil marketing companies while keeping fuel prices unchanged is not fiscally sustainable.

Another official said any price increase would be substantial enough to discourage spending on petrol and diesel, but not so large as to sharply stoke inflation.

Both officials spoke on condition of anonymity due to the sensitivity of the matter.

Oil minister Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.

Indian Prime Minister Narendra Modi urged on Sunday a spate of measures including fuel conservation, work-from-home practices and limits on travel and imports to ease pressure on the country's foreign exchange reserves.

The country's balance of payments is expected to worsen sharply during the current 2026-27 fiscal year, with the deficit projected at about $66 billion to $70 billion, up from an estimated $26 billion to $28 billion in 2025-26.

(Reporting by Neha Arora; Writing by Mohi Narayan; Editing by YP Rajesh and Muralikumar Anantharaman)

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LONDON, May 11 (Reuters) - West African crude held steady on Monday and the trading arm of Nigeria's national oil company issued a sell tender for a spot cargo.

• The Nigerian National Petroleum Company's trading arm issued a tender on a spot cargo of Forcados for June 13-14 loading, according to a document seen by Reuters.

• Offers for Angolan crude were largely between plus $1 and flat against dated Brent, one trader said.

• IOC awarded its buying tender last week and is taking one cargo of Nigerian crude, one Angolan and some Murban crude from the UAE, a trader said.

• In the broader market, airlines contending with soaring jet fuel prices are facing a second blow as supply shortages disrupt flight schedules and crew rotations, industry groups and airlines said, heightening safety and operational concerns across Nigeria’s aviation sector.

• Nigeria is expected to have produced 1.55 million barrels per day of crude oil in April as part of the Organization of the Petroleum Exporting Countries, a Reuters survey showed.
  
  

(Reporting by Seher Dareen
Editing by David Goodman)

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LONDON, May 8 (Reuters) - West African crude differentials were steady on Friday after declining this week, while Indian Oil Corp was heard to have bought several cargoes in its latest tender.

• There were no further offers of Angolan crude via the Platts system on Friday, a trader said. There was a lower offer for one grade on Thursday, and on Wednesday Angolan grade Dalia was offered lower.

• The drop comes despite ongoing supply disruptions in the Middle East due to the Iran war.

• "Angolan is under pressure," a trader said.

• In other developments, IOC awarded its buying tender this week and is taking one cargo of Nigerian crude, one of Angolan and some Murban crude from the UAE, a trader said.

(Reporting by Alex Lawler; Editing by Shailesh Kuber)

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May 5 (Reuters) - GP Petroleums Ltd GPPE.NS:

• LOA AWARDED TO JV CO AMRON OIL RESOURCES BY INDIAN OIL CORPORATION

• LOA WORTH 740.4 MILLION RUPEES

Source text: ID:nBSE8W02Ys

Further company coverage: GPPE.NS

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Add comments

NEW DELHI, May 4 (Reuters) - India has no plans to compensate state-run fuel retailers for losses from selling transport fuels below market prices, a senior petroleum ministry official said on Monday, even as companies raised prices for some industrial and bulk customers.

Indian state fuel retailers have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but there has been no increase in retail prices of gasoline, gasoil, LPG or jet fuel for Indian carriers.

Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS have also raised diesel prices for bulk buyers.

Sharma said bulk customers account for about 10% of overall diesel sales.

The government's efforts are focused on protecting the retail customers, she added.

(Reporting by Nidhi Verma, Editing by Louise Heavens)

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Adds jet fuel prices in paragraph 3

May 1 (Reuters) - India's largest state-run refiner Indian Oil Corporation IOC.NS has raised the prices of liquefied petroleum gas used by industries and jet fuel for foreign airlines from Friday, the company said in a statement.

The price of a 19-kilogram commercial LPG cylinder for industrial clients was hiked by 993 rupees, or 47.8%, to 3,071.5 rupees, the refiner said.

Aviation turbine fuel prices for international airlines were raised by $76.55 per kilolitre to $1,511.86 per kilolitre from $1,435.31, the refiner added.

Prices of household LPG, primarily used as cooking fuel, were left unchanged. Jet fuel prices for domestic airlines were also not revised, the company said.

The price hikes come amid a sharp surge in global oil prices, which have climbed above $100 a barrel following the closure of the Strait of Hormuz amid the ongoing Iran war.

(Reporting by Kashish Tandon in Bengaluru; Editing by Sumana Nandy)

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By Nidhi Verma

NEW DELHI, April 28 (Reuters) - India has asked motorists to avoid panic buying and clarified that there was no proposal to raise pump prices for diesel and gasoline, a government official said on Tuesday.

"We have adequate supplies of liquefied petroleum gas, petrol, and diesel. There has been no increase in prices. Please avoid panic buying and do not believe rumours," Sujata Sharma, Joint Secretary in the federal oil ministry, said at a news conference on Tuesday in an appeal to buyers.

India, the world's third-biggest oil importer and consumer, has been hit by rising oil prices triggered by the closure of the Strait of Hormuz after the U.S.-Isreli war on Iran.

India's crude import prices rose to $120 per barrel earlier this month, denting the margins of retailers on the sale of gasoline and gasoil, as the higher costs have not been factored into the pump prices.

Indian refiners have not raised pump prices of gasoline and gasoil in four years to shield consumers, despite volatility in global markets.

Analysts at Kotak Institutional Equities in a recent report estimated there was a need to raise the price of a liter of gasoline and gasoil by 25-28 rupees after elections in some states end on April 29.

According to estimates by Mumbai-based ICICI Securities, profit after tax for these oil retailers likely declined by 82% in the March quarter over a year ago, as crude oil costs soared but retail prices did not move up in tandem.

Reliance Industries RELI.NS, operator of the world's biggest refining complex and India’s biggest company by market value, late last week flagged "unprecedented" supply disruptions and a sharp hit to profit in its March-quarter earnings.

(Reporting by Nidhi Verma; Editing by Chizu Nomiyama)

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NEW DELHI, April 27 (Reuters) - Indian Oil Corp's IOC.NS, the country's top refiner and fuel retailers, sale of diesel and gasoline has surged more than 13% during April 1-26, 2026, its head of marketing, Saumitra Priya Srivastava, said in a post on social media platform X

• IOC, the country's top fuel retailer and refiner, is meeting the local demand through its over 42,000 fuel stations, he said

• Diesel sales in some parts, mainly in southern Andhra Pradesh, surged by about 30% to 33%, leading to some retail outlets facing shortages, said Sujata Sharma, a joint secretary in the federal petroleum ministry

• Sharma said India has sufficient stocks of diesel and gasoline, while some retail outlets have experienced problems due to panic buying

• She said India is not expected to import diesel and gasoline to meet local demand

• Earlier in the day, the chief minister of Andhra Pradesh Chandrababu Naidu said in a post on X that action should be taken against anyone attempting to engage in black marketing or to create artificial shortages of diesel and gasoline

  
  

(Reporting by Nidhi Verma, Editing by Louise Heavens)

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NEW DELHI, April 23 (Reuters) - Indian fuel retailers are suffering a revenue loss of 100 Indian rupees ($1.06) per liter on the local sale of diesel and 20 rupees per liter on gasoline for selling the two fuels at below market rates, Sujata Sharma, joint secretary in India's oil ministry said on Thursday.

Indian refiners last raised fuel prices in April 2021. India has no plans to raise fuel prices as of now to shield customers, she added.

($1 = 94.0950 Indian rupees)

(Reporting by Nidhi Verma; Editing by Sharon Singleton)

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By Nidhi Verma and Nimesh Vora

NEW DELHI/MUMBAI, April 17 (Reuters) - Indian refiners are settling payments for rare cargoes of Iranian oil purchased under a temporary U.S. sanctions waiver using Chinese yuan through Mumbai-based ICICI Bank ICBK.NS, four sources with knowledge of the matter said.

Last month, Washington unveiled 30-day waivers on U.S. sanctions for the purchase of Russian and Iranian oil at sea in an attempt to ease prices that were driven up by the U.S.-Israeli war on Iran. Treasury Secretary Scott Bessent on Wednesday said the U.S. would not renew the waivers, with the exemption on Iranian oil set to lapse on Sunday.

Difficulties over arranging payment for such cargoes given longstanding sanctions on Tehran have deterred some would-be buyers of Iranian crude under the waiver, traders have said.

Earlier this month, state-run Indian Oil Corp IOC.NS (IOC), the country's largest refiner, bought 2 million barrels of Iranian oil onboard the very large crude carrier Jaya in the country's first purchase of Iranian crude in seven years, Reuters reported, a cargo worth roughly $200 million.

India has also allowed four vessels carrying Iranian oil to berth for privately-run refiner Reliance Industries RELI.NS, sources said last week. A vessel, the MT Felicity, has discharged thus far, according to LSEG data and a shipping source.

Both refiners are settling the trade through ICICI, which is routing funds in Chinese yuan via its Shanghai branch to seller accounts in yuan. The identity of the sellers could not be determined.

ICICI, IOC, Reliance and India's foreign ministry did not respond to emails seeking comment.

Details on how the cargoes are being paid for have not been previously reported.

NOTICE OF READINESS

IOC paid about 95% of the cargo's value against the supplier's notice of readiness, which indicates that the loaded tanker had entered Indian waters, two of the sources said. One of them said this was an unusual arrangement.

Typically, Indian state-owned refiners settle payments upon delivery or discharge for oil from countries that are sanctioned by Western nations, the two sources said. India has been among the top buyers of Russian oil since Moscow's 2022 invasion of Ukraine resulted in widespread Western sanctions on Russia.

The sources declined to be named as they were not authorised to speak to the media.

Indian refiners have also used China's currency to settle some of their Russian oil purchases.

IOC does not plan to make further Iranian oil purchases, one of the sources said.

Until the U.S. waiver, India had shunned the purchase of Iranian oil since 2019, under pressure from American sanctions.

Chinese independent refiners, known as teapots, have been the main buyers of Iranian oil exports since then.

(Additional Reporting by Gopika Gopakumar in Mumbai and Saurabh Sharma in New Delhi; Editing by Tony Munroe and Thomas Derpinghaus)

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By Nidhi Verma, Jaspreet Kalra and Nimesh Vora

NEW DELHI/MUMBAI, April 16 (Reuters) - India's central bank has urged state-run oil refiners to curb spot dollar purchases and tap a special credit line for their foreign exchange needs, three sources said, reviving measures used earlier in the Ukraine war to ease pressure on the rupee.

A surge in oil prices and heavy foreign portfolio outflows have battered the Indian currency. It has fallen more than 3% to record lows this year, making it Asia's worst-performing major currency.

Using the special credit facility would reduce dollar demand from refiners, helping ease pressure on the rupee, two of the sources said. Refiners are major buyers of dollars to pay for oil imports.

The state-run refiners have been asked to access the credit line via the State Bank of India, the sources said. SBI is India's largest bank and is state-backed.

All three sources declined to be named as they are not authorised to speak to the media. The Reserve Bank of India and SBI did not immediately respond to emails seeking comment.

The credit line is available to major state-run refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control about half of India's 5.2 million barrels per day of refining capacity.

The refiners are also being encouraged to route daily dollar purchases through SBI instead of multiple banks, one of the sources said.

With SBI already handling sizeable merchant flows, funneling oil-related FX demand through SBI can help reduce the overall market impact, this person added.

Refiners can either buy dollars at the RBI reference rate or draw on the credit line for their FX needs, a second source said.

None of the refiners responded to emails seeking comment.

Three spot FX traders, separate from the three sources cited earlier, said they had seen an anecdotal decline in the oil companies' activity in the spot market in recent days.

RUPEE STRAIN

The RBI has turned to crisis-era measures, which sources said have been in place for about two weeks, to support the rupee amid pressure linked to the Iran war.

Concerns about spillovers from the conflict helped push the rupee to an all-time low past 95 per dollar in late March.

The central bank has taken other steps to shore up the currency. It has clamped down on arbitrage trades that it said exacerbated market volatility and barred Indian banks from offering corporates non-deliverable forward contracts.

The RBI has also sold dollars from its FX reserves to support the currency.

The rupee has strengthened following the bank's measures, recovering about 2% from its record low. It was last quoted at 93.20 per dollar on Thursday.

(Reporting by Nidhi Verma, Jaspreet Kalra and Nimesh Vora. Editing by Mark Potter)

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By Nidhi Verma

NEW DELHI, April 13 (Reuters) - Two very large crude carriers loaded with Iranian oil have reached Indian ports, ship tracking data from LSEG shows, as local refiners utilise a temporary waiver granted by the United States last month to resume purchases from Tehran for the first time in seven years.

The current waiver is due to expire on April 19.

The Iran-flagged Felicity has reached Sikka Port in western India, while the Curacao-flagged Jaya is at the eastern port of Odisha, the data shows.

A VLCC carries 2 million barrels of oil.

India, the world's third-biggest oil importer and consumer, has not received a cargo from Iran since May 2019 after coming under U.S. pressure not to buy the country's crude.

Indian Oil Corp IOC.NS, the country's top refiner, has bought Iranian oil loaded on the Jaya, a vessel under U.S. sanctions, Reuters reported last week.

India has also allowed Reliance Industries Ltd RELI.NS, the operator of the world's biggest refining complex, to buy Iranian oil loaded on the Comoros-flagged aframax Kaviz, Curacao-flagged VLCC Lenore and Iran-flagged VLCCs Felicity and Hedy, all of which are more than 20 years old and are also under U.S. sanctions.

​

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

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By Nidhi Verma

NEW DELHI, April 10 (Reuters) - India's shipping ministry has granted special permission to four vessels carrying Iranian oil - as requested by Reliance Industries RELI.NS - to berth at the western Indian port of Sikka, three industry sources said.

India's oil ministry, shipping ministry and Reliance did not respond to Reuters emails seeking comments.

Iranian oil is often transported by a so-called shadow fleet of vessels that lack internationally recognised insurance and safety certifications.

But this requires special permission from the government as exemptions are required under Indian rules for the berthing of ships.

One of the sources said the shipping ministry has granted a special one-time exemption to vessels requested by Reliance, operator of the world's biggest refining complex, due to the emergency situation created by the closure of the Strait of Hormuz.

However another source said, despite the grant of permission, it was not definitely clear that Reliance would process Iranian oil, as it wants to ensure that transactions are sanctions-compliant and are in line with Indian rules.

India, the world's third-biggest oil importer and consumer, has not received a cargo from Tehran since May 2019 following U.S. pressure not to buy Iranian crude. However the U.S. last month temporarily waived sanctions on the purchase of Iranian oil at sea to ease oil prices.

The waiver is due to expire on April 19.

Indian Oil Corp, the country's top refiner, has purchased Iranian oil carried in sanctioned tanker Jaya, ship tracking data shows.

(Reporting by Nidhi Verma; Editing by David Holmes)

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April 9 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP CHAIRMAN: MANAGED CRUDE PROCUREMENT PRETTY WELL AMID IRAN WAR

• INDIAN OIL CORP CHAIRMAN: INDIAN REFINERS PRODUCING 50,000 T LPG DAILY VERSUS 35,000 T PRE IRAN WAR

• INDIAN OIL CORP CHAIRMAN: MIDDLE EAST CRISIS HAS GIVEN IMPETUS TO GAS USE IN INDIA

Further company coverage: IOC.NS

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By Jeslyn Lerh

SINGAPORE, April 8 (Reuters) - Shippers looking to revive the passage of tankers through the Strait of Hormuz were seeking clarity on the logistics, while refiners inquired about new crude loadings on Wednesday, in response to a ceasefire deal between the U.S. and Iran.

Most stranded oil and gas tankers remained inside the Gulf, LSEG shipping data showed, hours after President Donald Trump announced the two-week ceasefire and said the U.S. would help with the traffic build-up.

Iran's foreign minister, Abbas Araqchi, said that if attacks against it stop, Tehran would cease counter-attacks and provide safe passage in coordination with its armed forces "and with due consideration of technical limitations".

Ship tracker Kpler said some 187 laden tankers carrying 172 million barrels of crude oil and refined products were afloat inside the strait as of Tuesday.

With more than 1,000 ocean-going vessels trapped within the gulf, it would likely take more than two weeks to clear the backlog even under normal conditions, said Daejin Lee, global head of research at Fertmax FZCO.

"A 14-day window is simply too short to restore the level of confidence needed to fully unwind the embedded uncertainty premium - particularly for Arabian Gulf loading routes," he said.

Lee said details remained unclear, including what actions ships and charterers must take to gain passage.

"Many blue-chip shipowners may wait several days to ensure the ceasefire holds before committing vessels," he said.

Jakob Larsen, chief safety and security officer at shipping association Bimco, said the industry was awaiting technical details from the U.S. and Iran.

"Leaving the ... Gulf without prior coordination with the U.S. and Iran would entail heightened risk and would not be advisable," he said.

WAIT-AND-SEE

Iran blockaded the strait in response to U.S. and Israeli attacks that started on February 28, all but closing the waterway through which 20% of global oil and liquefied natural gas cargoes transit, sending energy prices soaring and rattling economies and markets.

The ceasefire, announced about 90 minutes before Trump's deadline to reopen the strait, led to a plunge in oil prices.

Two shipbrokers said shipowners are likely to remain in a wait-and-see mode before allowing vessels to enter the Gulf.

Inquiries for very large crude carriers to load Middle East crude for Asia jumped on Wednesday with Asian refiners including Reliance Industries RELI.NS, Indian Oil Corp IOC.NS, Nghi Son Refinery and Petrochemical and CNOOC, as well as Abu Dhabi National Oil Co, Glencore GLEN.L and TotalEnergies TTEF.PA, looking for vessels, three shipping sources said.

Glencore and TotalEnergies declined to comment. The other firms named did not immediately respond to requests for comment.

Danish shipping group Maersk MAERSKb.CO said the ceasefire may create transit opportunities for vessels in the Strait of Hormuz, but that it did not yet provide full maritime certainty.

Indonesia's foreign ministry said it is working with Iranian authorities to secure the passage of two Pertamina vessels that have been stranded in the gulf.

"Several technical matters are being followed up to ensure safe passage through, including matters such as insurance and crew readiness," said ministry spokesperson Vahd Nabyl Achmad Mulachela.

China's foreign ministry said it hopes all parties make joint efforts to facilitate early resumption of normal trade through the strait, while Japanese Prime Minister Sanae Takaichi held talks with Iran's president.

Asian economies are the main buyers of oil shipped through the strait and have been hit especially hard by the disruption.

"We expect tankers and oil flowing to Iranian-friendly countries to be the first ones to transit," said Anoop Singh, global head of shipping research at Oil Brokerage.

"Most of the crude tankers will be allowed to pass," he said, adding that he expects more than 50 Very Large Crude Carriers and about 15 Suezmaxes to exit.

(Reporting by Jeslyn Lerh, Siyi Liu in Singapore, Bernadette Christina in Jakarta, Stine Jacobsen in Copenhagen, Nidhi Verma in New Delhi, Ahmad Ghaddar in London; Writing by Florence Tan; Editing by Tony Munroe and Alexander Smith)

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By Florence Tan and Siyi Liu

SINGAPORE, April 6 (Reuters) - Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the Iran war, industry sources said.

Europe is typically the largest importer of U.S. crude, but competition has escalated with Asian buyers scouring for supply from the Americas to Africa and Europe to replace Middle Eastern oil that is unable to move through the Strait of Hormuz.

The jump in crude prices is driving up costs and widening losses for refiners on both continents, sources and analysts said, putting severe pressure on companies including state-owned firms that are required by governments to keep producing fuel for national security.

"Asian refiners, shut out of Middle Eastern supply, are bidding aggressively for every available Atlantic Basin barrel," said Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy, in a note dated April 3.

'EVERY DAY THERE'S A NEW PRICE'

Offers for WTI Midland crude delivered to North Asia in July on very large crude carriers had premiums of $30 to $40 a barrel, depending on the benchmark used, traders said.

One trader pegged the premium at $34 a barrel to Dubai quotes while another put it at $30 a barrel above dated Brent. Two others said offers have gone closer to $40 a barrel above an August ICE Brent basis.

Those levels are up from premiums of close to $20 a barrel for deals concluded in late March and early April, when Japanese refiners including Taiyo Oil purchased WTI crude, traders said.

"Every day there's a new price," one of the traders said, adding that Asian refiners face severe losses from the premiums.

Another trader said refiners would be better off reducing crude runs and buying products - if anyone is offering.

Spot premiums jumped after the prompt monthly spread for WTI futures CLc1 hit its widest backwardation on Thursday. Backwardation refers to when prompt prices are higher than those in future months.

Wider discounts on U.S. crude oil compared with global benchmark Brent have also spurred demand for tankers on the U.S. Gulf Coast, reducing vessel availability in the region and driving up freight rates.

In Europe, bids for WTI Midland delivered to the continent climbed to a record premium of close to $15 a barrel against dated Brent on Thursday. CRU/E

"At current physical differentials and freight rates, European refiners buying spot crude cannot make money running those barrels through their systems," Rodriguez-Masiu said.

(Reporting by Florence Tan and Siyi Liu in Singapore; Editing by Thomas Derpinghaus)

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April 1 (Reuters) - Indian Oil Corporation Ltd IOC.NS:

• INDIAN OIL CORP LTD - ACHIEVED CONSOLIDATED SALES VOLUME OF 104.4 MMT OF PETROLEUM PRODUCTS IN 2025-26

Source text: ID:nBSE1JXwcZ

Further company coverage: IOC.NS

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By Nidhi Verma

NEW DELHI, March 28 (Reuters) - Two liquefied petroleum gas tankers, BW Elm and BW Tyr, are crossing the Strait of Hormuz bound for India, according to ship tracking data from LSEG and Kpler.

The U.S.-Israeli war against Iran has all but halted shipping ​through the strait, but Iran said this week that "non-hostile vessels" may transit the waterway if ‌they coordinate with Iranian authorities.

The two India-flagged vessels have crossed the Gulf area and are in the eastern Strait of Hormuz, the data showed.

India is gradually moving its stranded LPG cargoes out from the strait, with four LPG tankers moved so far - Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.

As of Friday, 20 Indian-flagged ships including five LPG carriers were stranded in the Gulf, Rajesh Kumar Sinha, special secretary in the federal shipping ministry, said.

LPG carriers Jag Vikram, Green Asha and Green Sanvi are still in the western Strait of Hormuz, LSEG data show.

India, the world's second-largest LPG importer, is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.

The country consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

India is also loading LPG onto its empty vessels stranded in the Gulf.

(Reporting by Nidhi Verma; Editing by Jan Harvey)

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March 26 (Reuters) - East India Drums and Barrels Manufacturing Ltd EASD.BO:

• RECEIVES LETTER OF ACCEPTANCE FROM INDIAN OIL CORPORATION

• CONTRACT VALUED AT 46 MILLION RUPEES

Source text: ID:nBSEt0bhX

Further company coverage: EASD.BO

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Recasts headline and story, adds bullet points and details

By Nidhi Verma

NEW DELHI, March 25 (Reuters) - India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.

India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.

Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources said and LSEG data showed.

The South Asian nation has been hit hard by the disruption of energy shipments via the Strait of Hormuz caused by the U.S.-Israeli war with Iran.

THREE RETAILERS TO SHARE LPG CARGO

The Iranian LPG cargo will be shared among the three fuel retailers, Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS, and Hindustan Petroleum Corp HPCL.NS.

The cargo has been purchased from a trader, and payment will be made in rupees, the sources said, adding India is exploring buying more Iranian LPG cargoes.

Still, an official said he was not aware of Iranian cargoes being bought.

"(There are) no loaded cargoes from Iran, we have not heard of that," said Rajesh Kumar Sinha, special secretary in the federal shipping ministry said Wednesday at a press conference.

The three companies and India's oil ministry did not immediately respond to Reuters requests for comments.

MOST OF IMPORTED LPG FROM MIDDLE EAST

The world's second-largest LPG importer is battling its worst gas crisis in decades with the government cutting supplies for industries to shield households from any shortage of cooking gas.

India consumed 33.15 million metric tons of LPG, or cooking gas, last year, with imports accounting for about 60% of demand. About 90% of those imports came from the Middle East.

India is gradually moving out its stranded LPG cargoes from the Strait of Hormuz, with four LPG tankers moved so far--Shivalik, Nanda Devi, Pine Gas, and Jag Vasant.

India is also loading LPG onto its empty vessels stranded in the Persian Gulf.

(Reporting by Nidhi Verma; Editing by Bernadette Baum)

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NEW DELHI/SINGAPORE, March 20 (Reuters) - State refiner Indian Oil Corp (IOC) is seeking crude mainly from West Africa for loading in the second half of April, trade sources said on Friday, as the Iran war significantly disrupted exports from the Middle East.

• IOC issued a tender to buy West African or North Sea grades for April 18-25 loading.

• It also seeks some Asia Pacific crude for May 6-15 loading.

• Discharge period was mostly for May 16-25 or May 11-20.

• The tender will close on March 23.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Eileen Soreng)

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Recasts with comments from oil ministry

By Nidhi Verma

March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.

"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.

India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.

India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.

India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.

The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.

He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.

"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.

Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.

All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.

India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.

So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.

However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.

India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.

Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.

The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.

India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)

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March 17 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

War in the Middle East is straining supply of a fuel that has become indispensable to millions of Indian homes, laying bare how deep an impact geopolitics can now have on everyday lives anywhere in the world.

This week, India File looks at the struggle by households and businesses to adapt to the cooking gas supply crunch, and what it could mean for the future of India's energy mix - and its kitchens.

Plus, what began with a string of suspiciously similar bids for state contracts ended with an antitrust probe that exposed a decade of alleged collusion among some of India's biggest cement makers. Scroll down for more on that.

THIS WEEK IN ASIA

China's economy builds early momentum in 2026 as global risks mount

Trump seeks to delay meeting with China's Xi by 'a month or so'

Afghan Taliban says 400 killed in Pakistan air strike on Kabul hospital, Pakistan rejects claim

Australia central bank hikes rates in tight call as Iran war stokes inflation risk

Vietnam braces for flight cuts from April after China, Thailand ban jet fuel exports

INDIAN KITCHENS FALL VICTIM TO A DISTANT WAR

A conflict thousands of kilometres away is suddenly dictating what households can cook and what restaurants can serve as LPG supplies tighten across India.

The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, a critical route handling about a quarter of daily sea-borne energy supplies, including those bound for India, resulting in the South Asian nation's worst gas crisis in decades.

New Delhi has invoked emergency powers, directing refiners to maximise LPG production after state-owned Indian Oil Corp IOC.NS raised the price of a standard 14.2 kg household LPG cylinder by 7% in Delhi, the first increase in about a year.

The government also restricted LPG supplies for industry to ensure households have enough gas for cooking.

Restaurants nationwide are warning of disruptions as commercial gas cylinders become harder to secure.

"We have LPG stock for two days. We are working on contingencies," said Bert Mueller, founder of Mexican food chain California Burrito. "We are conserving gas and installing induction stoves at certain stores."

Hostels and factory canteens are simplifying meals to stretch limited fuel supplies. Read here how paying guest facilities are tackling the issue in Bengaluru.

Also read our last India File edition, which showcases how Indian companies have found themselves in the crosshairs of the war.

Meanwhile, households are taking their own precautions, with daily booking requests for LPG cylinders spiking as people rush to secure refills.

“Panic booking and hoarding behaviour have been driven by misinformation,” said Sujata Sharma, joint secretary at the oil ministry, in an appeal for calm.

Retailers report a surge in demand for induction stoves and electric cooking appliances as households look for backup options. Read here how online searches and sales of induction cooktops have jumped sharply.

Preliminary data suggests the supply chain dislocations are already reshaping consumption patterns: State fuel retailers sold about 1.15 million tonnes of LPG in the first half of March, down 17% from a year earlier and 26% from the previous month.

LPG DEPENDENCE REVEALS DEEP VULNERABILITIES

The cooking gas squeeze is exposing a deeper vulnerability in India’s energy system.

LPG consumption has surged over the past two decades, transforming from a largely urban fuel into a near-universal household necessity as a result of subsidised rural connections under the Pradhan Mantri Ujjwala Yojana initiative.

Household LPG connections have more than doubled since 2014, lifting annual consumption to more than 30 million metric tons, government and industry data show.

At the same time, pricing has become increasingly linked to global markets, leaving households far more exposed to international supply shocks. A standard cylinder that cost around 250-300 rupees in the mid-2000s now sells for about 913 rupees in Delhi.

India is diversifying supplies by securing cargoes from the United States, Norway, Canada and Russia, but the crisis highlights a structural gap: The country maintains strategic crude reserves but has no comparable strategic reserve for LPG, even though some 333 million households depend on it.

New Delhi is trying to leverage its relationship with Tehran to give some two dozen of its ships - six of them laden with LPG - safe passage through the Strait. However, sources say Iran wants two tankers that India seized last month in return, along with medical supplies.

At the policy level, the government is encouraging alternatives that could gradually reduce dependence on gas cylinders. Millions of urban households already have access to piped natural gas connections, and officials say several million LPG users could shift relatively easily.

Are Indian households beginning to move beyond the LPG cylinder, or is this just a temporary reaction to the global energy shock? Write to me at [email protected]

MARKET MATTERS

The deepening Middle East conflict has darkened the outlook for Asia's third-largest economy, with Citi Research and Nomura trimming their year-end targets for the Nifty 50 .NSEI, citing rising risks to growth and earnings.

They say the petrochemical and fertiliser industries are most exposed given India's dependence on imports from the region.

Read the full report by Reuters journalists Bharath Rajeswaran and Vivek Kumar M.

THIS WEEK'S MUST-READ

India’s antitrust watchdog has found evidence that three of the country's cement makers colluded over a decade to rig bids for state-run Oil and Natural Gas Corporation tenders, coordinating prices, divvying up orders and attempting to lock out foreign competitors.

A confidential investigation reviewed by Reuters uncovered a pattern of identically priced bids over multiple projects, which one executive sought to explain away as simply his “lucky number”.

Read this exclusive report by Reuters journalist Aditya Kalra.

(Reporting by Nidhi C Sai; Editing by Kevin Buckland)

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Add details on jet fuels

By Nidhi Verma

NEW DELHI, March 16 (Reuters) - Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in the first half of March, preliminary data showed, as the country reels from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz.

India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of the U.S.-Israeli war on Iran.

State fuel retailers Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp BPCL.NS sell cooking gas in India.

The three companies sold about 1.15 million metric tons of LPG in the first half of March, a decline of 17.3% from a year earlier and 26.3% from the same period in the previous month, the data showed.

India has 22 tankers, including six LPG ships, four crude carriers and one liquefied natural gas vessel, stranded in the Strait of Hormuz, said Rajesh Kumar Sinha, special secretary in the federal shipping ministry.

The federal government has cut supplies of LPG for industries to shield ​households from any shortage of cooking gas.

Sales of jet fuel by the three retailers totalled 327,900 tons in the first half of this month, a decline of about 12.3% from the previous month and a 4% fall from the same period a year ago, the data showed.

Since the United States and Israel launched air strikes on Iran , Tehran has largely halted ​traffic through the strait, which runs past its coast and normally supplies around 20% of global oil ​and seaborne LNG.

Iran has said it will not permit any supplies for ⁠the United States or its allies to leave the strait, but India has sought exemptions.

(Reporting by Nidhi Verma;
Editing by Bernadette Baum and Emelia Sithole-Matarise)

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