Market

There are 23 refineries in India, of which 18 are owned by the government through public sector oil companies, and 5 are owned by the private sector, or a joint venture between public sector oil companies and the private sector (see figure below).

At the beginning of fiscal year 2024-25, India’s annual refining capacity stood at 256.82 million tonnes, an increase of about 2.23% from 251.22 million tonnes in fiscal year 2022-23. Indian Oil Corporation Ltd. (IOCL) owns nine refineries with a combined annual capacity of 70.25 million tonnes; 200,000 million tonnes more than that in April 2022. This is followed by Reliance I